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retail district that is regional in nature and is able to reasonably demonstrate regional draw of consumers from neighboring cities and counties and competitiveness in the region, or is an established business with a national presence having at least fifty (50) or more locations nationally demonstrating the following economic benefits: a. Projected annual gross taxable revenue average of at least $5,000,000 (five million); and b. Commit to employing at least forty (40) full-time employees, of which a minimum 20 percent (20%) of its employees who reside in Santa Ana; and (2) Retain no less than ten percent (10%) of time slots within advertising cycle for advertising of the business and products available on the Subject Property. Business percentage to be programmed such that a business advertisement is displayed once every two (2) minutes minimum; and (3) In receipt of a preliminary approval letter of conformance from Caltrans for an off -premise sign; and (4) The applicant and business operator and the CITY shall enter into a Billboard Operating Agreement as set forth in Section 41-1113 of this Chapter. 2. Effect o'F City Rg ug lat q.M ctri IJr velot mr_ai^t ®fP'oject. Except as expressly provided in this AGREEMENT, all substantive and procedural requirements and provisions contained in CITY's ordinances, specific plans, design guidelines, rules and regulations, including, but not limited to zoning and building codes and approved billboard designs on file with the Planning and Building Agency, in effect as of the effective date of this AGREEMENT, shall apply to the construction and development of the Subject Property. 3. Oper°atinca R�iegarperots The following covenants shall run with the: sites until such time as the billboard is removed from the sites: A. Covenants Regarding Operation and Maintenance. ('3PERATOR shall operate and maintain the billboard in good working order and in accordance with all applicable laws, including without limitation, the California Outdoor Advertising Act (California Business and Professions Code Section 5200, et seq.) and California Department of Transportation regulations and specifications adopted pursuant thereto (Title 4 California Code of Regulations, Section 2240, et. seq.). B. Maintenance. OPERATOR shall, at OPERA f OR's sole cost and expense, maintain and repair or cause to be maintained and repaired the billboard and any and all security lighting or appliances installed in accordance with any entitlements and building permits issued by the CITY and any and all other applicable laws. The billboard and the sites shall be kept free from the accumulation of debris and waste materials. All exterior painted surfaces shall be maintained at all times in a clean and presentable manner, free from chipping, cracking, peeling and defacing marks. All broken lights shall be immediately repaired in order to prevent hazardous conditions and/or invitation for trespassers and malicious mischief. Except during periods of construction, no lumber, trash, discarded equipment or other debris shall be stored in areas visible from the street.