FRIENDS OF THE LACY HISTORIC NEIGHBORHOOD-2011

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305. Development Obligations. 305.1 Cost of Construction. All of the costs of the planning, design, development and construction of the Developer Improvements shall be borne solely by the Developer. 305.2 Public Art Fee. Developer will provide public art on Site or in the nearby vicinity at cost of not less than one-half percent (.5%) of the building permit valuation for Phases R-1 and R-2 ("Public Art Amount"). The Agency and community representatives identified by the Agency will identify the locations and the local artistic resources available to provide such public art. If and to the extent less than the Public Art Amount is expended, this difference will be paid to the Agency as a fee. 305.3 Provision of Child Care Facilities. Upon issuance of a final certificate of occupancy for the proposed approximately 3000 square foot community center to be located within Phase R-1, Developer will cause up to 1000 square feet on unimproved space within such community center to be available at no cost for a child care facility at the Site (the "Child Care Facility"); provided, however, if a suitable day care provider is not identified within six (6) months of issuance of a final certificate of occupancy for the Child Care Facility, Developer's obligations under this Section 305.3 shall terminate. The Developer shall coordinate with the Agency and community representatives designated by the Agency to identify a qualified day care provider. Developer makes no representation or warranty that such space is fit for any purpose, including, without limitation, the Child Care Facility. The Child Care Facility will be operated by a child care provider approved by Developer in its sole and absolute discretion pursuant to a lease which will also be subject to Developer's approval in it is sole and absolute discretion. Developer shall have no liability or obligation with respect to the identification of a child care provider or for the services provided at the Child Care Facility. 305.4 Retail Space. The Developer will construct and offer commercial retail space of approximately fifteen hundred (1500) square feet of gross leasable area within Phase R-1 to a tenant reasonably acceptable to Developer for rent at less than market value so as to provide an opportunity, first to residents of the Station District and second to residents of the City, to provide neighborhood serving retail at affordable rents. The Agency and community representatives designated by the Agency will assist in coordinating Developer's efforts in this regard. In the event that the parties are unable to locate such tenant within ninety (90) days from the issuance of a temporary certificate of occupancy for such retail space, then Developer is no longer obligated under this Section 305.4. 306. Insurance Requirements. The Developer shall secure from a company or companies licensed to conduct insurance business in the State of California, pay for, and maintain in full force and effect from and after the Closing for each Phase, and continuing for the duration of Affordability Period (except as provided in Section 306.3 hereof), insurance as required herein for such Phase, issued by an "A: VI" or better rated insurance carrier as rated by A.M. Best Company. The Developer shall furnish certificates of insurance and endorsements to the Agency prior to the applicable Closing and shall furnish complete copies of such policy or policies upon request by the Agency. 32 DOCS001400673v 141200272-DOD 1