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BACKGROUND Investment in Downtown has come from two areas: the City has maintained and enhanced public infrastructures such as streets, sidewalks, lighting, and landscaping; and improvements to commercial properties/buildings within the Downtown are completed through private investments. Redevelopment of buildings within the Downtown serves as a method for maintaining an inviting Downtown for residents and creating an attraction for visitors. Since redevelopment of commercial properties/buildings is through private investment, development of public-private partnerships has become a key component in maximizing the value of development projects within the Downtown Revitalization District. When an owner/developer of a parcel or parcels within the Downtown Revitalization District is required to provide off-street parking, as described in section 18.88.020 (Exhibit A of Attachment 1) of the Pleasanton Municipal Code (PMC), but is unable to provide all of the off-street parking required by the PMC, they may apply to the City for an in-lieu parking agreement. The agreement would require the owner/developer to pay the in-lied parking fee for each deficient parking stall that is required. Parking in-lieu fees are then held in a fund by the City until such time that the City can purchase land within the Downtown Specific Plan Area for public parking. Staff has identified an opportunity for partnership between private development and the City by providing the City discretion to waive in-lieu parking fees in exchange for desired public amenities that meet the objectives identified in the Downtown Specific Plan. The idea for this amendment came from a proposal at 511 Main Street, which was considered by the City Council in 2012. Please refer to the Planning Commission staff report in Attachment 3 for additional background information and Exhibit C of Attachment 3 for the December 4, 2012, City Council staff report for 511 Main Street. The City is now initiating an amendment to Section 18.88 (Off-Street Parking Facilities) of the Pleasanton Municipal Code (PMC) to encourage private redevelopment of commercial properties located in the Downtown Revitalization District by waiving parking in-lieu fees for owners/developers of eligible parcels, in exchange for a public amenity. PROJECT DESCRIPTION The proposed Code amendment to section 18.88 (Off-street parking facilities) would provide the City with flexibility in allowing some or all of an eligible development project's required in-lieu parking fees, when applicable, to be waived for the purpose of creating other desired amenities, such as public mini-plazas or other public amenities. Such amenities, if requested by the developer/owner, would be required to be on the site of the proposed building improvements. Page 2 of 11