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providing public parking for parking spaces which cannot be provided on site by a developer, <br />while encouraging continued development/redevelopment of Downtown properties in a manner <br />which is consistent with the Downtown Specific Plan. Staff believes that the discount of the <br />parking in-lieu fee is reasonable so that new development continues to be encouraged and so that <br />some of the required parking for such development would be provided in public parking lots, <br />where it would have maximum usefulness. If the fee is too high, development would be <br />discouraged, or developers would provide it all on-site, which may compromise Downtown's <br />design principles and reduce in-lieu funds for public parking. If the fee is too low, there would <br />not be adequate funds to construct new parking and it would be unfair to those property owners <br />who have provided parking on site. Staff concludes, therefore, that the proposed in-lieu fee of <br />$14,000 per space reflects this balance, and is acceptable. <br /> <br />FISCAL IMPACT <br /> <br />The in-lieu parking fee is paid by developers into a City fund to compensate for parking not <br />provided on site. The Parking In-Lieu fund will be used for the construction of public parking <br />lots in the Downtown; this fund currently contains about $215,000. The City also has budgeted <br />separate additional funds in the Capital Improvement Program (C.I.P.) for the acquisition of land <br />and construction of public parking lots Downtown. Approval of the proposed fee of $14,000 per <br />space will increase the in-lieu fee amount from what has been used in the past and will represent <br />a more realistic cost of providing parking. To the extent that the fee is less than the actual cost of <br />providing a parking space, either fewer public parking spaces will be built or the difference will <br />be absorbed by the City through its C.I.P. parking fund. <br /> <br />RECOMMENDATION <br /> <br />Adopt a motion that Master Fee Resolution No. 92-100 be amended to reflect a parking in-lieu <br />fee of $14,000 per parking space in the Downtown Revitalization District <br /> <br />Respectfully Submitted, <br /> <br />Jerry Iserson Susan Rossi Nelson Fialho <br />Director of Planning and Finance Director City Manager <br />Community Development <br /> <br />SR:05:222 4 <br /> <br /> <br />