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Exhibits 0). The maps highlight the occupancy rate, by color code, for each street and parking lot. The study prepared by Hexagon shovvs that, although close to fully occupied at the "center" of Downtown, not all of the parking spaces within the study area are fully occupied during peak times. Furthermore, the survey boundary area (dashed blue lines on the three maps) does not include all of the parking within the Downtown Revitalization District, such as the City Hall and library parking lots and additional on-street parking on Old Bernal Avenue, the northern part of Main Street, and a few side streets. As indicated in the study area, the "preferred" parking spaces are located on Main Street and a few adjacent side streets; however parking in the Downtown Specific Plan Area and Revitalization District is not at capacity and parking is available. Parking In-Lieu Fee and Public Amenity As drafted, the value of the on-site amenity would need to be equal to, exceed, or be less than, if approved by Council, the amount of the in-lieu parking fees as set forth in the Master Fee Schedule, currently $17,727.78 per surface space, for parking not otherwise provided on-site or off-site on private property. The value of the on-site amenity would be based on opportunity costs. Opportunity costs would be calculated by using a standard method approved by the Community Development Director. An example of a standard method could be as follows: Square footage of the proposed amenity multiplied by annual rent per square- foot divided by the capitalization rate percentage. Example 666 square-feet (the size of a proposed public mini-plaza) x $3.75 (monthly rent per square-foot) x 12 (months) / .065 (a 6.5% capitalization rate) = $461,076 Should a request be received to waive in-lieu parking fees in exchange for providing an on-site public amenity, it will be required to be made in writing as part of a development or pre-development application and include documentation of the method used to calculate opportunity costs. The request will also be required to include a conceptual design for the public amenity with the request being considered at a City Council hearing prior to project development approval. The City Council will consider whether or not the proposed amenity would meet the objectives of the Downtown Specific Plan and whether or not to enter into an agreement with the applicant to reduce parking requirements in exchange for the development of an on-site amenity open to the general public on an eligible parcel, as show in Figure 18.88.020. PUBLIC NOTICE Notice of this item was published in The Valley Times and was noted in the Pleasanton Weekly. Public notification cards were also sent to owners and tenants within the entire Downtown Specific Plan Area. At the time this report was prepared, staff had received comments from two residents regarding whether this would apply to existing residential properties and a letter from Robert Byrd objecting to the proposed PMC amendment. P13-2458, In-Lieu Parking Agreement Planning Commission Page 10 of 11