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i SIR No. 99-O1, AA No. 04-O1, • GPA No. 04-01, ZOA No. 04-02, DA No. 2004-01 and TPM No. 2004-02 July 6, 2004 Page 3 7. Modify Item 4 of the Permitted Usee section of the Specific Development No. 75 document to state "cafes and restaurants, except fast food and/or take-out restaurants;' and, S. Add Item 7 of the Conditionally Permitted Uaea section of the Specific Development No. 75 document to state "fast food and/or take- out restaurants." On March 15, 2004, the City Council held a public hearing for the One Broadway development. After receiving public testimony on the project and a discussion by the City Council, formal action on the various entitlements under consideration was continued for 60 days. During this interim period, staff met with a newly created Council Ad Hoc Committee, which assisted in preparing the terms and conditions for the development agreement. Also, the Council identified specific issues and standards the development agreement should address including construction costa, preservation of historic structures, traffic mitigation rtieaaures, and • benchmarks for issuance of building permits. Since the March 15, 2004 public hearing, staff has met on numerous occasions with the Ad Hoc Committee and the applicant. As a result of these meetings and extensive negotiations, a development agreement has been prepared (Exhibit B-1). This agreement has incorporated the major issues raised by the City Council at the March City Council hearing as well ae those issues raised by the Ad Hoc Committee. These issues include: 1. Prohibiting the issuance of any building permit for the Project until the Developer provides evidence of binding commitments for lease of not less than 50 percent of the net leasable area in the Project from tenants who would qualify as "investment Grade Tenants" (BBB-or greater) as rated by either Standard 6 Poore or Moody'a rating agencies. Non-rated publicly held, or private companies with a rating of B8 or BB+ may meet this requirement by providing a "Shadow Rating" from either agency depicting a minimum of a neutral credit outlook. Law firma shall provide evidence o£ a rating of "AV" from Matindale-Hubbell or equivalent rating agency. Binding commitments to lease shall be in a form and content normally accepted by conventional lending institutions and subject to the review and approval of the City's Executive Director of Planning and • Building which shall not be unreasonably withheld; 75E-3