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TefitatIVk Map <br />f . . , I <br />The subjpctsubject: 006perty]s being entitled as dnO, lot Wh4oMInIUM project contair.114 ebta I ap art rents. <br />The pdtpbse of a ono lot condq'miniUm. projOct. Is to bO-416 to firianc.9' and market the rental .property <br />more flexibly for potential multiple lenders : and/or owners of the site, oc renting units to the public- in <br />one or more Of the twelvo.sdp6rate apartment buildings, Building I and Building . Building $ 7 through 1 2. oath <br />contain No Oport►Ot U61ts. Bull fng z through 0411 'e Men 0 th <br />dinig 6' t . a. COMOA. six apar v M., 4c <br />building ls to be mapped into Its own 'building airspace unit" thereby allowing the fi nancing <br />floxi ow by ari:O A thii , whi includes, the <br />b e :balance of the. p roperty wil be, 6W , _�wner�s. ssoctai n <br />P <br />community buildl;Tg.wi the gU06 ap ot Mol .10. will te of <br />t t1p).6 owner 1-40, site qmiro'fprrn <br />an:%Qwner's Association together with CQv4naqts, C4ndltlons, and kestrictions (M&R's) governing: the <br />use, the OOMPIOX, COd Ostobllshl. a funding MechAhl9,rh:tO cover those <br />cost tople.S<4 the draft CCO's. 6 b Oh soppl(edto WlOt reciproca for <br />aye, �e IrtgreM <br />egress, ;parking,, .common area qsq, 04Qve and below ground utilities, landscaping, and all related <br />appurtenances ?to thane improvements, Will be crest cl on, the, finial tti OndoMINUm pft,$, and <br />',OubllOp.4sqMen# f or 011c tiji,(Itlos 0 emergency 9ghiple a 6(ro W :fie C cpe�! are �mq Ond will <br />dedicated to the public via the owner's statement and the City's acceptance: statement on the final <br />subdivision Map. <br />Development Agreement <br />A OevelolJMO. 9"rgdMerit is part. of this applicatlartWith:4 10 VPOr time IlMlt. There is .an qp <br />. . Ot A <br />renew for an< additional time <br />I _period This document is necessary because the project cannot be <br />constructed in t he term doe to the unfavorable ecoh"ofnic'Matket, and the ownOt wants to be.'able <br />to, build'ih the:futu re. wit ho I , ut having to ro-processi <br />PLN2009-00006 <br />Applicant Statement, p. 3 <br />City Council <br />November 21, 2011 <br />