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O. City has determined that by entering into this Agreement, City will further the <br />purposes set forth in the Development Agreement Law by, among other things, ensuring that the <br />Project will provide substantial community public benefits, (hereinafter referred to as <br />"Community Benefits" and more particularly described in Article 2), as summarized below: <br />1. The donation of the Affordable Site for the development of seventy-one <br />(71) deed -restricted affordable units at the Affordable Site; <br />2. The development and use of a community room on the Property to be leased <br />to the City for the City and community's use; <br />3. The development and use of a storage area on the Property to be leased to <br />the City for the City's exclusive use; <br />4. The development and use of a privately -owned public plaza area on the <br />Property to be subject to a public use easement and a license agreement for the City and City - <br />approved community groups; <br />5. The following voluntary financial contributions paid by Developer to the <br />City: a) Twenty -Five Thousand Dollars ($25,000) for start-up expenses for the community room; <br />b) One Hundred Thousand Dollars ($100,000) for activating the public plaza area; and, c) Ten <br />Thousand Dollars ($10,000) for signage and historical plaques at the public plaza area; <br />6. A shared parking covenant in which the newly constructed podium parking <br />garage would be shared with the public for parking on nights and weekends, which shall designate <br />at least thirty-five (35) spaces for retail use during the day, and shall designate at least twenty-five <br />(25) parking spots for the future renovated Hotel Sequoia, in a form acceptable to the City Attorney <br />("Shared Parking Covenant"); and <br />7. Employment of union represented labor and local vendor preferences for all <br />construction activities related to the Project. <br />P. A primary purpose of this Agreement is to assure that the Project can proceed <br />without disruption caused by a change in City's planning policies and requirements following the <br />Project Approvals and to ensure that the Community Benefits are timely delivered by Developer. <br />The terms and conditions of this Agreement have undergone review by City staff, the Planning <br />Commission, and the City Council at publicly noticed meetings and have been found to be fair, <br />just, and reasonable and in conformance with the Development Agreement Law and the goals, <br />policies, standards, and land use designations specified in City's General Plan and, further, the <br />City Council finds that the economic interests of City's citizens and the public health, safety, and <br />welfare will be best served by entering into this Agreement. <br />Q. For the reasons recited herein, City and Developer have determined that the Project <br />is a development for which this Agreement is appropriate. This Agreement will eliminate <br />uncertainty regarding Project Approvals, thereby encouraging planning for, investment in, and <br />commitment to use and development of the Property. Continued use and development of the <br />0 <br />ATTY/AGR/2024.193--GATEKEEPER DA- 1900 BROADWAY <br />REV: 10-22-24 VR <br />