SR 06:214 - Laserfiche WebLink

to acquire public parking lots. The Downtown Specific Plan identifies the need to acquire land for off- street public parking areas. In addition, the Downtown Design Guidelines indicate that parking should be accommodated in shared facilities at the rear of the property so that parking lots and access driveways are not required on Main Street, where they disrupt the continuous retail building frontage. In July 2006, the Planning Commission conditionally approved an approximately 3,896 square foot, two-story addition to the Kolin Hardware building and the relocation and restoration of two easterly one-story structures on the site at 600 Main Street. The design approval of this project eliminated the four parking spaces on site. Therefore, there will be no parking on site and the number of parking spaces that are required per the Municipal Code for the project is ten. Accordingly, one of the conditions of approval imposed by the Planning Commission is that the property owner enter into an in- lieu parking agreement to provide funding for the City to acquire/construct parking spaces off site but intended to serve the project site. IN-LIEU PARKING AGREEMENT The In-Lieu Parking Agreement (the "Agreement") prepared by staff is attached for the Council's consideration. Per the Municipal Code, the Kolin Project has a ten space parking deficit on-site. The Agreement states that the property owner shall provide in-lieu fees for these ten spaces that are calculated to be $140,000. Due to the property owner making a material financial investment in this property, the City requiring additional refurbishment over and above what the property owner had intended to do on the site, and the historical value of the property the property owner has requested a payment plan for the payment of the $ I 40,000 fee over time. Staff in working with the property owner has drafted the Agreement to include the following financing terms: . 25% of the fees paid at the time a Certificate of Occupancy is issued on the facilities on the site by the Building Department (estimated to be $35,000) . Remainder of the loan paid over 5 years (principal amount estimated to be $105,000) . Monthly payments with interest equal to prime (Bank of America) less 1.5%, adjusted every six months, and . At any time, the loan can be prepaid without prepayment penalties. The proposed payment terms are a deviation from the Municipal Code that requires all in-lieu parking fees be collected at the time of issuance of a building permit. Staff is recommending the deferral of the collection of the fee due to the amount of investment the property owner is making in the site. The Kolin building is one of the most well known buildings in Downtown Pleasanton. It was built around 1900 and was home to one of the longest running businesses in Pleasanton, Kolin Hardware. Given the City's desire to restore and preserve its heritage, Staff has tried to accommodate the property owner's needs for a deferment of the payment of these fees. Staff and the property owner feel that they have achieved this goal through the proposed Agreement. FISCAL IMPACT This Agreement will result in the City receiving $140,000 plus interest over five years starting on the day of issuance of a Certificate of Occupancy for the facilities on this site by the Building Department. These funds will be deposited in the Downtown Parking Fund and will fund a parking facility in the Downtown area. SR:06:214 Page 2 of3