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2525 North Main Street October 28, 2019 Page 10 and discussed in the Final EIR. As previously concluded, aesthetics remains a significant and unavoidable impact after mitigation. The projected population is estimated to be 502 residents, which is a reduction of 453 residents from the original 496-unit project. In addition, the number of daily trips is projected to be reduced to 1,512 trips, a reduction of 1,186 trips projected forthe 496- unit project. Water demands are reduced to 69.09 acre feet per year, which is a reduction of 62.44 acre feet per year. Based on the fact that the October modified project did not have or create any impacts that were not previously studied and disclosed, recirculation of the EIR is not required for the modified project pursuant to State CEQA Guidelines Section 15088.5 (Exhibit 1). Development Agreement Due to a reduction in the size of the project and the elimination of the need for a land exchange with the City, the applicant is proposing to amend the terms of the development agreement (Exhibit 2). The agreement is a legal contract between the developer and the City that defines the terms and nature of development proposed for the project site. Highlights of the revised DA include: 1. Term of Agreement. The terms of the agreement remain the same. The right to build the project as entitled for a period of four years, with an opportunity for up to two, consecutive one-year extensions. Extensions shall be subject to approval by both the Owner and the City Manager. Prior to granting an extension, the Owner shall pay $50,000 to the City's General Fund to compensate the City for lost revenue to be received by the City had the project been completed within the first four years. 2. Public Art. The inclusion of public art remains the same. The Owner shall create, install, and maintain a public art project with a value equivalent to 0.5% of the total construction cost of the project. The work(s) of art shall be in place prior to issuance of the first certificate of occupancy for the project and shall be maintained in perpetuity by the property owner. 3. Modification to the Santiago Park Improvement. The term to construct park improvements up to $1,400,000 remains. However, the terms have been modified to propose that the City and developer equally share in the cost of the Santiago Park improvements. The developer will be responsible to front the cost of construction and construct the park improvements and contribute up to 50% of the estimated construction cost ($700,000). The City's 50% portion would be repaid over a period of three years. These park improvements include, but are not limited to, installation of irrigation, landscaping, security lighting and bike trail enhancements to Santiago Park. 4. Modification to the Park Santiago Neighborhood Benefits Package. The developer has eliminated the on -site Amazon lockers from the benefit package. The developer has retained the terms to provide Park Santiago Neighborhood residents with access to on - site amenities, 24-hour roving security patrol within the Park Santiago Neighborhood and Santiago Park as shown on Exhibit H to the Development Agreement for a 55-year period unless determined during an annual review that the term shall end earlier.