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constructing said theater, it will pay the City a fee of $400,000.00 upon the issuance of the first building permit for the Project. The City agrees to use this fee toward the design and construction of a theater. 5.8.4. Park Requirements. a. Santiago Park Improvements. The Owner shall pay a special Santiago Park fee of $1.64 per square foot of net rentable or salable square feet of development as a condition of issuance of each building permit. The parties acknowledge and agree that this contribution is in addition to any tax or fee or dedication imposed by the City on new residential development. The City shall use said fees for deferred maintenance and capital improvements to Santiago Park. If not used or appropriated within five years after payment, this fee shall be returned to Owner, consistent with the provisions of and exceptions contained within the California Mitigation Fee Act, Government Code S 66000 et seq. This fee shall be offset against the fee owed the City pursuant to section 5.8.4(b) of this Agreement (i.e., the amount in the "In- Lieu Park Fee" required of Owner shall be reduced by an amount equal to the special Santiago Park fee paid by Owner pursuant to this section). b. In-Lieu Park Fee. The Owner shall pay an "in lieu" fee at the value of $35.50 per square foot of area to be dedicated pursuant to the standard established by section 34- 204 et seq. of the Santa Ana Municipal Code, as specified in the City's site plan review letter; provided, however that the fee may be increased yearly by the average rate of increase in land costs in the City of Santa Ana, as that increase is established by the annual change in the "Construction Cost Index-Los Angeles," published by Engineering News-Record, or substitute index chosen by the Executive Director should this index is discontinued. The fee shall be paid for each phase, as set forth in section 5.1.1 of this Agreement, prior to issuance of the first building permit for that phase, and shall be utilized by the City in the Quadrant of the City (as set forth in the City's Park A&D Fee program) in which the Project is located, with priority given to Santiago Park. 5.8.5 Covenants, Conditions, and Restrictions. Covenants, Conditions, and Restrictions (CC&R's) must be provided and approved by the Executive Director for the project prior to the issuance of the first building permit. Such CC&R's must contain at a minimum, the following: (1) No more than four residents per live-work unit. (2) All residential and live-work units shall remain owner occupied and shall not allow rental of the entire unit. (3) Use Restriction for Live-Work Units. The live-work project must remain as a live-work community. The work component shall be limited to one of the allowable uses as specified in the Specific Development (SD-59) zoning district. (4) Repair of perimeter walls will be specified in the CC&R's in the event of damage. 12 75A-235