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<br />" <br /> <br />-.... <br /> <br />4D <br /> <br /> <br />'\. <br /> <br />- <br /> <br />pLEASANTONo <br /> <br />SUBJECT: <br /> <br />City Council <br />Staff Report <br /> <br />September 5, 2006 <br />Economic Development Department <br /> <br />Approval of In-Lieu Parking Agreement - Kolin Property <br /> <br />STAFF RECOMMENDATION: <br /> <br />SUMMARY <br /> <br />Authorize the City Manager to enter into the In-Lieu Parking Agreement with Peak <br />Property Main Street, LLC, for the Kolin Project located at 600 Main Street. <br /> <br />The Planning Commission conditionally approved the construction of an <br />approximately 3,896 square foot, two-story addition to the existing Kolin <br />Hardware building and the restoration and relocation of two easterly one-story <br />structures located on the site at 600 Main Street. The owner requested and was <br />granted a parking variance to reduce the number of parking spaces by four on site <br />since the retention and relocation of the historic one-story buildings requires that <br />the existing four-space parking lot be removed. As a result of the intensification of <br />the use on the site, the project will require ten parking spaces. As allowed by the <br />Municipal Code, the owner requested an in-lieu parking agreement for the ten <br />parking spaces. Per the Municipal Code, the property owner is required to make <br />an in-lieu payment of $140,000 to allow the City to acquire and construct off site <br />parking intended to serve the property site. The property owner has indicated that <br />the payment of this fee at the time of issuance of a building permit will cause a <br />financial hardship. Therefore, the property owner is requesting to enter into an in- <br />lieu parking agreement that will allow the City to collect the fee over five years <br />plus interest with 25% of the total fee being paid at the time the City issues a <br />Certificate of Occupancy. <br /> <br />Honorable Mayor and Members of the City Council: <br /> <br />BACKGROUND <br /> <br />In-lieu parking agreements for properties in the Downtown are authorized by the Municipal Code and are <br />encouraged by the Downtown Specific Plan and Design Guidelines. There are several policies in the <br />Downtown Specific Plan that address sharing and consolidation of Downtown parking lots and the desire <br /> <br />SR:06:214 <br />Page I of3 <br />