Ord. 2547 - Laserfiche WebLink

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1. As set forth in Section 5.1 below, the Affordable Housing Impact Fee portion of the Ten Million Dollars ($10,000,000) shall be subject to any rate escalators in effect on the Effective Date or, in the absence of any built-in rate escalators, the Engineering News Record’s regional Construction Cost Index (“CCI”). Subject to providing written documentation to the City that the Developer has transferred its rights to purchase the Affordable Site to the Affordable Housing Partner, the Developer’s payment of the Ten Million Dollars ($10,000,000) to the City pursuant to this Section 2.2(E) shall satisfy the Developer’s obligations arising out of the City’s Affordable Housing Ordinance and the Land Donation Agreement. For avoidance of doubt, if the Affordable Housing Partner acquires the Affordable Site pursuant to this Section 2(E), the Developer has no affirmative obligation to pay the amount set forth herein, unless and until the Developer requests a Vertical Building Permit. Section 2.3 Teen Center/Multi-Purpose Space. A. As designated in the Project Approvals, Developer shall design, construct, and furnish a teen center/multi-purpose space facility on the Property, which shall consist of approximately 6,450 square feet (which includes an approximately 180 square foot storage area of exclusive back-of-house storage use, such as mechanical or audio equipment, equipment storage, and cleaning supplies) facility for teens to use for study facilities, meetings, events, educational purposes, cultural celebrations and similar gatherings (“Teen Center”) for the City’s use free of rent. The design of the Teen Center should include, but is not limited to, a private, secure office space for the exclusive use of the Teen Center staff as well as the following non-exclusive areas: adequate restroom facilities, multi-purpose area, study rooms, laundry facilities, workshop room, reception area, kitchenette, and social areas, including adequate audio and visual display capabilities. Developer’s maximum costs for the interior improvements (including furniture and audio/visual display) to the Teen Center shall be capped at Three Million Eight Hundred Fifty Thousand Dollars ($3,850,000). 1. Developer shall provide the City with the opportunity to review and give final approval of the spatial layout, elements, and design of the space prior to completion. Developer shall make a good faith effort to provide the City the proposed design six (6) months prior to the commencement of construction of the space. The City agrees to conduct a timely review and approval of the plans, to the extent consistent with applicable laws. 2. The Developer shall apply for building permits for the construction of the core and shell, including life safety systems, for the Teen Center improvements prior to or concurrently with applying for the first Vertical Building Permit for the Project and shall apply for any building permits for the interior improvements of Teen Center prior to or concurrently with the first building permit for any tenant improvements in the Project. B. Teen Center Lease Agreement. The City’s use of the Teen Center as set forth in this Section 2.3 shall be memorialized in a separate lease agreement between the Parties, for a term of twenty-five (25) years, which shall be in a form substantially similar to the form attached as Exhibit H, with minor modifications approved by the Developer, City Attorney and signed by the City Manager (“Teen Center Lease Agreement”). In order to mitigate any potential interruptions with programming that may occur at the end of the twenty-five (25) term, the Teen Center Lease Agreement shall provide that the City may request one (1) five (5)-year ATTY/ORD.0002/CC ORD APPROVING DEVELOPMENT AGREEMENT (901 EL CAMINO REAL) - EXHIBIT A REV: 04-23-25 VR Page 17 of 336