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BACKGROUND As downtown Pleasanton has developed over the years, providing sufficient and convenient parking has been identified as one of the key foundational elements that support the vibrancy of the district. The most recent Downtown Specific Plan — approved in March 2002 — includes a full chapter outlining conditions, objectives, and strategies for parking in the central commercial area. At that time, there were approximately 3,320 on- street and off-street parking spaces to serve 843,000 square feet of commercial space. The plan notes that "to more effectively serve existing visitors to Downtown and to meet the demand of projected new development additional public and private parking needs to be provided" and offers several objectives toward this outcome: • To create 400 new parking spaces for the Downtown, consisting of both private and public parking • To develop an implementation plan and timeline for the construction of public parking facilities • To acquire land and construct public parking lots through parking in-lieu fees, funds advanced from Public Facilities fees, and parking assessment districts • To ensure that a significant amount of parking required to serve new development is provided on-site by private property owners. Primary among the opportunity sites for additional public parking was the Alameda County Transportation Corridor, which benefits from proximity to Main Street. Per the Downtown Specific Plan: "Acquiring the Corridor is the cornerstone of the City's public parking lot strategy for the Downtown." To this end, the Transportation Corridor was purchased by the City in 2008 and formally added 235 City-owned public parking spaces in the downtown. Since that time, the Corridor from Bernal Avenue north to Spring Street has been available for public parking with several sections fully improved by paving and lighting. The $7.5 million purchase of the Corridor did, however, deplete the funds that had previously accrued in the Downtown In-Lieu Parking Fund, leaving no significant balance in the fund for acquisition of other downtown parcels for public parking. The Downtown Specific Plan also identifies other strategies such as the formation of parking assessment districts, and incentives to encourage property owners to voluntarily allow public parking on private lots. Over the past decade the Pleasanton Downtown Association's parking subcommittee has been active in identifying locations and convening property owners for shared parking agreements, although efforts in this regard have not resulted in any agreements. Several recent redevelopment projects in the pipeline or already complete indicate a positive trend for economic growth in Downtown Pleasanton. While this progress is welcomed by the downtown merchants and the community as it brings new activity to the commercial district, it has also increased the demand for additional parking, and the need to more effectively manage downtown's existing parking supply. A 2013 parking study by Hexagon Transportation Consultants (Hexagon) (Attachment 1) showed that available parking along some blocks of downtown is near capacity during peak periods such as weekday lunch (11:00 am — 2:00 pm), weekday/weekend evenings and Saturday morning/afternoon during the farmers market. However, there is available parking toward Page 2 of 5