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WHEREAS, the proposed project (the "Project") subject to the <br />Development Agreement consists of: <br /> <br /> (a) 13,351 sq. fl. parcel located at the intersection of Willow Street and <br />Mlddlefield; (b) a proposed two story building with a main floor consisting of <br />approximately 6,438 sq. fl., a mezzanine consisting of approximately ?40 sq. ft., <br />and a lobby consisting of approximately 32§ sq. ft. for a total of 7,500 sq. ft.; (c) <br />twenty-five grade level parking spaces located directly under the main structure <br />which shall be enclosed for aesthetics and security reasons; and <br /> <br /> WHEREAS, the Development Agreement provides that the Applicant has <br />the option to pay In Lieu fees or perform certain work of improvement. The In <br />Lieu payments to City consist of the sum of Fifty Eight Thousand One Hundred <br />Thirty Four and No/'100 Dollars ($§8,134.00)Jn lieu of the undergrounding of <br />utilities and the sum of One Hundred Twenty Four Thousand Nine Hundred <br />Thirty One and No/100 Dollars ($124,93'1.00) in lieu of the construction of certain <br />street improvements; and <br /> <br /> WHERI=AS, Applicant Js a qualified party to enter into a development <br />agreement under the Development Agreement Law; and <br /> <br /> WHEREAS, the development of the Project requires financial <br />commitments and expenditures by Applicant, and Applicant seeks assurances by <br />City that the development of the Project on the Property will not be jeopardized <br />by later changes in the Development Regulations; and <br /> <br />WHEREAS, City desires that the development of the Project on the <br />Property proceed in a well-planned manner. Development of the Project on the <br /> <br /> <br />