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public art (the "Public Art"). The Public Art shall conform in all respects to Exhibit C of this <br />Agreement. <br />Facilities specified in Section 5.8.1 below must be designed and/or constructed <br />prior to the triggering event. In the event that Owner fails to meet either of the triggering events <br />set forth in Section 5.8.1., below, Owner shall pay the City an amount equivalent to one-half of <br />one percent (0.5%) of the estimated value of its Project, as conclusively specified by the <br />Executive Director of the City's Planning and Building Agency, to be used by the City to acquire <br />other public ail for other locations within the City, in which case, Owner will not be considered <br />in default under this Agreement. <br />5.8.1 Work of Public Art. <br />Items to Be Complete Triggering Event (E.., New Use or New Area) <br />1. Submit Final Design of Public Art. Prior to issuance of first Building Permit or five <br />Final design must conform to Public Art (5) years from the effective date of this Agreement, <br />Plan. whichever comes first. <br />2. Install Public Art. Prior to City's issuance of the first Certificate of <br />Occupancy for any building or structure, or the <br />expiration of the term of this Agreement, <br />whichever comes first. <br />With respect to the Final Design, Owner shall complete all construction and <br />development, shall submit all plans, drawings, and other documents, and perform all of its <br />obligations under this Agreement within the times specified above. During periods of <br />construction of the work of public art encompassed in the Public Art Plan, Owner shall submit to <br />the City a written report of the progress of the construction when and as reasonably requested by <br />the City. The report shall be in such form and detail as may be reasonably required by the City, <br />and shall include a reasonable number of construction photographs (if requested) taken from the <br />last report by Owner. Development scheduling or date or times of performance may be subject to <br />revision from time to time if first mutually agreed to in writing. Such revisions do not constitute <br />amendments requiring further notice and public hearing. <br />5.8.2. Inclusionary Housing Fee. Owner shall pay to the City the sum of <br />$3,000.00 per residential unit as a condition of issuance of each building permit. This fee shall <br />apply to all units developed on the existing three and one-tenth (3.1) gross acres. This fee shall <br />be used by the City for planning (including but not limited to preparation of one or more <br />elements of its general plan or for zoning amendments), conceptual design, final design, bid <br />preparation, award of bid, property appraisal, property acquisition, relocation, lost goodwill, <br />and/or construction of new or substantially rehabilitated existing affordable housing in the City. <br />Alternatively, Owner may at any time cease making such payments if it enters into an agreement <br />with the Community Redevelopment Agency or the Community Development Agency of the <br />City of Santa Ana to either (i) newly construct or rehabilitate and sell or lease, with affordability <br />covenants as required by State law, inclusionaiy housing units totaling fifteen percent (15%) of <br />11