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02/27/2017 11:27 FAX 1lI00J p;.ge 2 Roberta Reed. CQmmenw to Planning Commission June 14, 2004 either a traffic signai or a raised median at the Halesworth Street and Broadway intersection a5 determined by the Public Works Agency," These two appear to be in conflict. Figure T-17 ofthe EIR $hows a median at Halesworth and the EIR states that a signal will be installed at the egress from the Parking Structure approximately 80 feet north of Halesworth. It is unclear if the One Broadway Plaza Development District document is referring to the same traffic signal as Exhibit C or an addltional signal. ReQard, lewi any of these scenarios: removal of the median, removal of the traffic signal, or the addition of a traffic signal all result in changing the mitigation rneasure as stated in the EIR. To make such a change, without allowing for adequate review and comment by the interer;;ted public, would be improper under CECA regulations. Secondly, the Development Agreement states that as a condition of issuance of bUilding permits, the OWner must obtain binding commitments of lease for at least 50% of the leasable space of the project from tenants who would qualify as "Invewtment Grade Tenants," a rating of BBB- or greater, as rated by either Standard and Poor's or Moody's. According to Standard and Poor's definition, a BBB- rating is the lowest rating before non- investment grade. The next lower rating, BB, is defined as "less vulnerable in the near term but faces major on-going uncertainties to adverse business, financial, and economic conditions." It would appear that almost any business that is not in current financial difficulty would be able to qualify to lease space in One Broadway Plua, per this agreement. The question must be asked: if this development is so neoossary, and Class A office space is so desperately needéd to bring desirable tenants to downtown Santa Ana, is this the level of tenant we want to attract? Or does this send a subtle message to the community that we do not have confidence that this building can attract tenants with higher credit ratings and that we must be content with those with a credit rating of "the lowest rating before non- investment grade"? Again, I urge you to carefuny considèr your decisions in this matter. Sincerely, rifbNxta a.~ Roberta A. Reed cc: Santa Ana City Council 75E-66