75A - PH - EIR THE HERITAGE 2001 E DYER

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EIR No. 2015 -01, AA No. 2014 -04, GPA No. 2015 -03, DA No. 2015 -03 & VTTM No. 2015 -03 October 12, 2015 Page 9 development where office, retail and residential activities would coexist in a mixed -use setting. The mixed -use project will contribute to the promotion of jobs housing balance in this area of the City. Also, the project will include a variety of land uses that will enhance the City's economic and fiscal viability. Further, the project will contribute towards the preservation and improvement of the character of the southeast section of the City. Finally, the development, through the construction of the proposed public improvements and site amenities, will contribute to the enhancement of a unique development site. Development Agreement The development agreement is a legal contract between the developer and the City that defines the terms and nature of development proposed for the project site. This agreement establishes development intensity, permitted uses and standards for the term of the agreement. In exchange for the City vesting approval of the proposed project, the development agreement requires certain improvements and public benefits (Exhibit 15). The primary deal points of the agreement include: The right to build the project as entitled for a period of five years, with an opportunity for one five -year extension. 2. Committing one -half of one percent for the installation on the site, at a prime location(s) visible to the public, of permanent work(s) of public art. The work(s) of art shall be in place no later than the first certificate of occupancy for the project and shall be maintained in perpetuity by the property owner. Further, the art may be phased to be installed at each phase of the project. 3. Allowing the project to be completed in three phases, with the private streets and park to be developed in the first phase of the development. 4. Executing an avigation easement, with the City and John Wayne Airport as benefited parties, to prohibit any and all claims, actions or lawsuits of any kind for nuisance or interference with use and enjoyment of the property, including but not limited to noise, sound, vibration or other environmental effects related to aircraft operations. 5. Requiring the project to comply with the current Housing Opportunity Ordinance requirements, including the option to pay an in -lieu fee of $9.35 per square foot of habitable space since this is considered to be a "pipeline project" As of Friday, October 2nd, 2015, the development agreement had not been signed by Dyer 18 I_LC. Staff and the applicant are working to finalize the agreement. 75A -13