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timing, sequencing, or phasing of the development or <br />construction of the Project on all or any part of the Property, <br />City agrees that, unless required by applicable state or <br />federal law, such ordinance, resolution or other measure <br />shall not apply to the Project, Property or this Development <br />Agreement, unless such changes are adopted pursuant to <br />the City's exercise of its Reserved Powers or other <br />applicable provision of this Development Agreement. <br />5.1.6 Timing of Development. The parties acknowledge that <br />Owner cannot at this time predict when or if the Property will <br />be developed. Such decisions depend upon numerous <br />factors which are not within the control of Owner, such as <br />market orientation and demand, interest rates, absorption, <br />completion and other similar factors. Because the California <br />Supreme Court held in Pardee Construction Co. v. City of <br />Camarillo (1984) 37 Cal. 3d 465 that the failure of the <br />parties therein to provide for the timing of development <br />resulted in a later adopted initiative restricting the timing of <br />development to prevail over such parties' agreement, it is <br />the parties' intent to cure that deficiency by acknowledging <br />and providing that, except as provided in and subject to <br />Section 5.8, Owner shall have the right to develop the <br />Property at such rate and at such time as Owner deems <br />appropriate within the exercise of its subjective business <br />judgment. <br />5.1.7 Development, Construction, and Completion of Public <br />Art. Owner shall include within the Project a single or <br />grouped permanent work of public art consistent with the <br />Public Art Plan (collectively, "Public Art "), attached herewith <br />and Incorporated herein as Exhibit C, at a cost of not less <br />than one half of 1 % of the total construction costs which is <br />approximately One Million Three Hundred Twelve <br />Thousand Dollars ($1,312,000) (the "Public Art Fee "). The <br />actual amount of the Public Art Fee shall be determined at <br />building plan check submittal. <br />5.2 Exclusion from Existing Rules, Regulations and Policies. <br />(a) Pursuant to Government Code Section 65866 and Pardee <br />Construction Co. v. City of Camarillo (1984) 37 Cal.3d 465, City <br />retains the right to enact police power regulations on matters not <br />covered by Section 5.1 of this Development Agreement, including <br />without limitation: <br />11 A- 30 <br />