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CUP No. 04 -24, DA No <br />VA No. 04 -11, ZOA No <br />November 22, 2004 <br />Page 5 <br />04 -03, TIM No. 04 -05, <br />04 -05 and SPR No. 04 -06 <br />the use of project residents. As a component of this project, the <br />applicant is intending to construct a 3,500 square foot recreation and <br />fitness center on the Podium level of the project. The center will <br />include a 600 square foot fitness room with state -of- the -art exercise <br />equipment, a 400 square foot recreation room, an 800 square foot <br />computer room, a 400 square foot median room, a kitchen and restrooms. <br />The conditional use permit requirement is intended to ensure that the <br />facility is used for residents only as a public health facility would <br />result in the need for additional parking. To ensure the project <br />remains for private use only, conditions of approval have been included <br />which limit the use of the facility to residents and invited guest only. <br />Development Agreement <br />The development agreement is a legal contract between the developer and <br />the City that defines the terms and nature of development proposed for the <br />project site. This agreement establishes development intensity, permitted <br />uses and standards for the term of the agreement. In exchange for the <br />City vesting the proposed project, the development agreement requires <br />certain improvements and public benefits (Exhibit 7). The primary deal <br />points of the agreement include: <br />1. The right to build out the project as entitled for a period of <br />ten years, with one two -year extension. <br />2. The developer will not be entitled to request or accept any <br />agreement with the Santa Ana Community Redevelopment Agency <br />for economic or other assistance in development of the <br />project. <br />3. Committing one -half of one percent (.5 %) of the value of the <br />project, as determined by standard building permit valuation, <br />for the installation on the site, at a prime location visible <br />to the public, of permanent work(s) of public art. The <br />work(s) of public art shall be in place no later than the <br />first certificate of occupancy for the project and shall be <br />maintained in perpetuity by the property owner(s). In the <br />event the project is not constructed, the developer shall <br />donate an amount equal to the one -half of one (0.5) percent <br />public art commitment to the City for acquisition and <br />