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however that the total effective tax rate (including but not limited to regular property or ad valorem taxes, special taxes, benefit assessment or other imposition) shall not exceed an annual levy of one and six - tenths percent (1.6 %) of the Property's valuation, as improved. Owner and City shall cooperate in good faith to designate those improvement and /or fees to be funded by the Community Facilities District or other mechanism. Owner shall have the right to review and approve any final list of said facilities and /or fees; provided, however that Owner's approval may not be unreasonably withheld. 646-1- Phasing of Project. The parties agree and acknowledge that the Project may be built in up to two (2) phases (with one tower in each phase), but that, except as otherwise expressly stated herein, all conditions and mitigation measures shall be implemented as part of the initial phase; provided, however that Owner may propose to delay to the second phase on -site conditions (e,g., sidewalks) that could be damaged by future construction, Prior to issuance of the first building permit for the prajest__S, Owner shall submit a proposed Phasing Plan to the City, for review and approval by the City's Planning Commission. The proposed Phasing Plan shall contain those items Owner deems necessary, but shall include the timing for first and second phase construction and interim site improvements (i,e., landscaping, internal circulation) between the phases. The approved Phasing Plan must be implemented within W"__ 61 months after completion of the first phase (i.e., issuance of first Utility Release). 5 q 64 -inclusionary Housing. Owner shall pay to the City the sum of Three Thousand Dollars ($3,000) for each Residential Unit contained in each phase ( "Inclusionary Housing Fee "). The inclusionary Housing Fee shall be paid with respect to each phase at such time as 95% of the residential units within such phase have received Utility Releases. The Inclusionary Housing Fee shall be used by the City for planning (including} but not limited to,, preparation of one or more elements of its general plan or for zoning amendments), conceptual design, final design, bid preparation, award of bid, property appraisal, property acquisition, relocation, lost goodwill, and /or construction of new or substantially rehabilitated existing affordable housing in the City. 6,10 5.16 -in -Lieu Park Development Fee. The Owner shall pay an in -lieu park development fee in the amount of One Million Four Hundred Fifty Thousand Dollars ($1,450,000) with respect to the Project ( "In -Lieu Park Development Fee ") payable pro rata, which pro rata fraction shall be determined based on a fraction the numerator of which is the total number of residential units in a phase and the denominator of which is the total number of residential units in the Project. The pro rata In -Lieu Park asrn ur?�t2 � F s az� s_ -17- 75A -73