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THE CITY OF 10 <br /> • - ° mlw 1" CITY COUNCIL AGENDA REPORT <br /> PL£ASANTONs <br /> December 4, 2012 <br /> Economic Development <br /> Community Development <br /> TITLE: AUTHORIZE THE CITY MANAGER TO NEGOTIATE AN AGREEMENT <br /> TO EXCHANGE IN LIEU PARKING FEES FOR A PUBLIC PLAZA AT <br /> 511 MAIN STREET <br /> SUMMARY <br /> A private developer is considering the purchase of the property at 511 Main Street in <br /> downtown Pleasanton. At the City's request, the renovation project would include an <br /> outdoor plaza for the benefit of patrons and the public. Given that the revitalization of <br /> sites within the Downtown is an important element in enhancing economic vitality within <br /> the commercial district, and that inclusion of such a public amenity adds to the positive <br /> social dynamics within the downtown, the City's participation through an exchange of in <br /> lieu parking fees for a public amenity serves as a catalyst for maintaining an inviting <br /> downtown experience for Pleasanton residents and an attraction for visitors. <br /> RECOMMENDATION <br /> Staff recommends the City Council authorize the City Manager to negotiate an <br /> agreement with the developer whereby the City would exchange payment in lieu parking <br /> fees for the developer providing a public plaza at 511 Main Street in downtown <br /> Pleasanton. <br /> FINANCIAL STATEMENT <br /> The City will exchange the payment of in lieu parking fees for the developer providing <br /> an outdoor public plaza. It is anticipated the exchange would benefit the City as the <br /> value of the in lieu parking fees would be approximately $400,000 while the value of the <br /> plaza is approximately $415,000. <br />