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Development Agreement No. 2015 -01 <br />Site Plan Review No. 2015 -02 <br />March 23, 2015 <br />Page 6 <br />The General Plan land use designation for the site is District Center (DC), which allows for major <br />development projects such as the proposed multi - family residential development. District Centers <br />are designed to serve as anchors to the City's commercial corridors and to accommodate major <br />development activity. The project site is consistent with this General Plan land use designation. <br />The zoning for the site is MacArthur Place District CenterlSpecific Development No. 43 (SD -43). <br />This zone allows for a mix of uses including residential, office, restaurant, retail, and hospitality <br />land uses. Previous amendments to SD -43 have resulted in an increase in the total number of <br />units permitted within the zone and allowance for tandem parking while also reducing the amount <br />of open space required per unit and the overall parking ratio for the project. The proposed project <br />is consistent with this designation as well as the design and development standards for the site. <br />Project Analysis <br />Development Agreement Amend ment/Assignment <br />Following the City Council's approval of the project in 2012, the City authorized the assignment <br />and amendment of Development Agreement No. 2012 -01 for The Met development project to First <br />Rock Santa Ana, LLC, the development entity for Genesis Real Estate Group, subject to the <br />finalization of the sale of the subject property to First Rock. No other changes to the original <br />development agreement were made. Although the assignment and amendment was completed, <br />First Rock never submitted a development proposal and the property was subsequently acquired <br />by Legado Companies. Legado now proposes to establish a new development agreement which <br />would serve to replace the 2012 agreement. <br />Development Agreement No. 2015 -01 will recognize Legado Companies as the primary developer <br />and owner of the property and include revisions related to the project description, the removal of <br />the provision requiring a subdivision map and Covenants, Conditions and Restrictions (CC &R's), <br />and compliance with the City's Housing Opportunity Ordinance (HOO). All other elements of the <br />development agreement will remain (Exhibit 21). <br />The development agreement is a legal contract between the developer and the City that defines the <br />terms and nature of development proposed for the project site. This agreement establishes <br />development intensity, permitted uses and standards for the term of the agreement. In exchange for <br />the City vesting the proposed project, the development agreement requires certain improvements and <br />public benefits. The primary components of the agreement include: <br />1. Ten Year Term: The right to build out the project as entitled for a period of ten (10) years, <br />with one two -year extension. <br />75A -8 <br />