75A - PH - DEV AGMT 200 FIRST AMERICAN WAY

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Development Agreement No. 2015 -01 Site Plan Review No. 2015 -02 March 23, 2015 Page 7 2. Public Art: Committing one -half of one percent (0.5 %) 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 percent (0.5 %) 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. 1 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. Inclusionant Housing Fee: The proposed project is subject to the requirements of the Housing Opportunity Ordinance (HOO), which contains incluslonary unit requirements for projects that consist of the construction of five or more dwelling units (SAMC Sections 41- 1900 et al.). Site Plan Review Section 41- 593.5(c) of the Santa Ana Municipal Code requires review by the Planning Commission of all plans within a specific development plan area to ensure the project is in conformity with the plan's development standards. As previously discussed, the proposed project lies within the MacArthur Place District Center /Specific Development (SD -43). In 2012, various amendments to Specific Development No. 43 (ZOA No. 2012 -01) resulted in changes to the maximum number of permitted units, reduction in the parking requirements for multi - family dwellings from 2.26 to 2.22 spaces per unit, and .allowance for tandem parking. These changes to the SD -43 zoning district resulted from the previous development project filed by Vineyards Development Corporation. Legado Companies proposes to proceed with a project of similar scale and overall appearance as originally contemplated by Vineyards Development with a few exceptions. Most notably, previous approvals resulted in an unimproved 0.8 -acre remnant property at the northeast corner of the property bed set aside for future high -rise development. In addition, the applicant is requesting changes to the overall site plan layout, proposed number of dwelling units and removal of the provision requiring a subdivision map. 75A -9