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approval, a hearing shall be scheduled for consideration of the matter by the <br /> City Council. A public hearing shall be held on any such request with notice <br /> provided pursuant to Section 18.12.040 of this title. The City Council shall <br /> consider whether or not the proposed amenity would meet the objectives of <br /> the Downtown Specific Plan and whether or not to enter into an agreement <br /> with the applicant to reduce parking requirements in exchange for the <br /> development of an on-site amenity open to the general public on an eligible <br /> parcel, as show in Figure 18.88.020 <br /> 2. The onsite amenity shall be open and accessible to the general public at all <br /> times, and no portion of the amenity shall be restricted to the exclusive use of <br /> on-site business customers only. <br /> 3. The on-site amenity should typically consist of a mini-plaza with seating, <br /> shade, landscaping, lighting, and other pedestrian facilities. Other forms of <br /> amenities may be considered by the City Council if consistent with the <br /> objectives of the Downtown Specific Plan. <br /> 4. The value of the on-site amenity shall be equal to, exceed or be less than, if <br /> approved by Council, the amount of in-lieu parking fees otherwise required by <br /> this Chapter, and as set forth in the Master Fee Schedule, for parking not <br /> otherwise provided on-site or off-site on private property. The value of the on- <br /> site amenity shall be based on opportunity costs. Opportunity costs shall be <br /> calculated by using a standard method approved by the Community <br /> Development Director. Documentation of the calculation shall be provided to <br /> the Planning Division. <br /> 5. In the event the proposed on-site amenity is determined to be of lesser value <br /> than the amount of in lieu parking fees otherwise required by this chapter, the <br /> developer shall enter into an in lieu parking agreement that pays the <br /> difference between the provided amenity and the required fees into the in-lieu <br /> parking fund. <br /> 6. The on-site amenity shall be installed prior to the issuance of a certificate of <br /> occupancy by the Chief Building Official. <br /> 7. The on-site amenity does not create any legal public easement or public <br /> property interest, and the owner of the property remains responsible for all <br /> maintenance and repair of the on-site amenity. <br /> 8. The on-site amenity, its requirement to be available to the general public as <br /> provided in Section 18.88.120.B.2, and the parking waived by provision of the <br /> on-site amenity shall be memorialized in a restrictive covenant recorded <br /> against the property. Such restrictive covenant shall include remedies for the <br /> City in the event the owner of the property, or any successor, fails to comply <br /> with its requirements. <br />