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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 (please refer to page 3 of this report for Figure 18.88.020). Downtown Parking Survey The purpose of parking in-lieu fees is to help fund the construction of public parking lots in Downtown. The Downtown Specific Plan identifies existing and potential public parking lots within the Revitalization District (please refer to Image 1 on page 9). Staff notes that the existing and potential parking lots shown in Image 1 do not indicate on- street parking or private parking within the Downtown. Please refer to the next page for Image 1 Page 8 of 11