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3. Upon the Developer obtaining entitlements, showing evidence of construction and <br />permanent financing, issuance of all necessary building permits, the City would <br />convey the land to Developer for the Mixed Use project. The City will retain <br />ownership of parcel containing the public parking space. <br />C. Developer Responsibilities <br />This Agreement requires the Developer to: <br />1. Fund the design of the project, all costs related to entitlements, and <br />all development costs for the apartments, retail, office and hotel. <br />2. Fund the entitlement application, including, but not limited to, any and all required <br />General Plan and/or zoning amendments, and all related studies required for <br />CEQA compliance. <br />3. Provide evidence of financing for construction, permanent loan(s) and equity and <br />issuance of all necessary building permits. <br />4. Design and build a residential development in the heart of Downtown Santa Ana <br />with 171 apartments and 19 very low income units. <br />5. Design and build the hotel to standards for typical hotel standards. During the first <br />5 years of operation, various economic thresholds would be established that would <br />allow the Developer to convert the Hotel to residential as follow: <br />• after 2 years if the Rev/Par* falls below $125 <br />• after 3 years if the RevPAR falls below $125 <br />• after 4 years if the RevPAR falls below $125 <br />• after 5 years if the RevPAR falls below $125 <br />6. Develop a parking structure that will include 211 public parking spaces. These <br />spaces will remain public in perpetuity. <br />7. Manage the Public Parking. The City would enter into a Parking Operation <br />Agreement with the Developer to manage and operate the Public Parking and <br />obligate the Developer to pay all costs including the debt service on the financing <br />for the Public Improvements. The Developer would set the parking rates and either <br />manage the parking directly or through a 3rd party. The Developer would <br />guarantee no negative costs to the City and would keep any net revenue unless <br />the Hotel is converted to residential per the terms of the DDA. <br />8. Guarantee the debt service and all operating costs and the City would not be <br />responsible if the revenue is insufficient to service the debt. <br />II. ESTIMATED VALUE OF THE INTERESTS TO BE CONVEYED DETERMINED <br />AT THE HIGHEST AND BEST USE OF THE PROPERTY: <br />3 <br />75A-207 <br />