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<br />RECORDING REQUESTED BY <br />AND WHEN RECORDED MAIL TO: <br /> <br />City Clerk <br />City of Pleasant on <br />123 Main Street <br />Pleasanton, CA 94566 <br /> <br />(Above Space for Recorder's Use Only) <br /> <br />IN LIEU PARKING FEE AGREEMENT <br /> <br />THIS IN LIEU PARKING FEE AGREEMENT ("Agreement") is made as of the <br />_ day of September, 2006 (the "Effective Date"), by and between the City of Pleasanton, <br />California, a municipal corporation (the "City"), and Peak Property Main Street, LLC <br />(collectively, the "Property Owner"). <br /> <br />RECITALS: <br /> <br />WHEREAS, Property Owner owns certain real property located at 600 Main Street, <br />Pleasanton, California, more particularly described in Exhibit A, attached hereto ("Property"). <br /> <br />WHEREAS, Property Owner intends to improve the Property by constructing a two- <br />story addition to the existing Kolin Hardware building of approximately 3,896 square feet and by <br />relocating and restoring two existing one-story structures on the Property ("Project"). <br /> <br />WHEREAS, at a noticed public hearing on July 12, 2006, the Planning Commission: <br />conditionally approved the aforementioned improvements; granted a variance for 4 required <br />parking spaces; and recommended that the Property Owner enter into an In-Lieu Fee Parking <br />Agreement for the remaining 10 required parking spaces. <br /> <br />WHEREAS, the City Council approved this Agreement for parking in-lieu fees at a <br />noticed public hearing on September 5, 2006. <br /> <br />WHEREAS, City and Property Owner enter into this Agreement pursuant to section <br />18.88.120 of the Pleasanton Municipal Code which requires the Property Owner to pay an <br />amount to the City to cover the cost of deficient off-street parking spaces; said funds to be used <br />by the City exclusively for acquiring, developing and maintaining off-street parking facilities <br />available to the general public and located in the downtown revitalization district. <br /> <br />NOW, THEREFORE, in consideration of the foregoing recitals, and the mutual <br />promises contained herein, the parties agree as follows: <br /> <br />1. In-Lieu Fee Pavment. Property Owner shall pay in lieu fees of $14,000 per space (10 <br />spaces x $14,000) for a total of$140,000. <br /> <br />1 <br />