75A - PH - 200 EAST FIRST AMERICAN WAY

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ZOA No. 2012 -01, DA No. 2004 -03, VTTM No. 2012 -01, and SPR No. 2012 -01 February 13, 2012 Page 10 Ten Year Term: The right to build out the project as entitled for a period of ten years, with one two -year extension. 2. Public Art: Committing one -half of one percent (.5 %) of the value of the project, as determined by standard building permit valuation, for the installation on the site, at a prime location visible to the public, of permanent work(s) of public art. The work(s) of public art shall be in place no later than the first certificate of occupancy for the project and shall be maintained in perpetuity by the property owner(s). In the event the project is not constructed, the developer shall donate an amount equal to the one -half of one (0.5) percent public art commitment to the City for acquisition and installation of public art at a City designated location no later than the end of the term of the agreement. 3. Park In -Lieu Fee: Paying the City a fee of $35.50 per square foot for parkland dedication in lieu of the dedication of parkland as required in the City's Subdivision Ordinance (Section 34- 204 et seq. of the Santa Ana Municipal Code). Additionally, the fee may be increased yearly by the average rate of increase in land costs in the City of Santa Ana, as that increase is established by an independent trade publication or source specified in the Agreement. The fee shall be paid prior to issuance of a building permit. Based on the development proposed, this is expected to amount to a fee of approximately $2.1 million. 4. Inclusionary Housing Fee: Paying the City a $3,000.00 per unit inclusionary housing fee prior to issuance of each building permit. The developer may be relieved of this requirement if it enters into an agreement with the Housing Authority of the City of Santa Ana to either rehabilitate and sell or lease, with affordability covenants as required by State law, 42 inclusionary housing units and /or provide for up to 60 percent of these inclusionary units to moderate income residents at its project. Based on the development proposed, this is expected to amount to a fee of approximately $852,000.00. 5. CC &R's: Preparation of Covenants, Conditions and Restrictions (CC &R's) for the project that include provisions such as allowing no more than four residents per unit, requiring the units to be owner- occupied and at no time may the entire unit be rented, limiting home based businesses to those allowed by the Municipal Code, and establishing a significant financial penalty (i.e., the maximum permitted by law) to be imposed by the Home Owners Association (HOA) to any member who violates these provisions. Tentative Tract Map Although The Met project is a proposed rental project, the applicant is requesting approval of a vesting tentative tract map for condominium purposes. Based on a review of the vesting tentative tract map by the Planning Division and Public Works Agency, the project has been designed to be in compliance with the applicable development standards found in Chapters 34 (Subdivision) and 41 (Zoning) of the Santa Ana Municipal Code and the SD -43 zoning document, if amended (Exhibit 8). 75A -16