RES 89520 - Laserfiche WebLink

NOW, THEREFORE, in consideration of the mutual convents and promises contained herein, the parties agree as follows: 1. Area of Benefit. The area of benefit ("Area of Benefit") shall be the central business district and any adjacent lands, as more particularly shown on Exhibit B, attached hereto. 2. In Lieu Payment. Developer and City agree that Developer shall pay an amount necessary to provide off- street parking facilities within the Area of Benefit for the Project, and its use, constructed by Developer. A. Cost of Spaces in Parkinq Facility. Developer's share of the parking facility shall be calculated as the proportionate share of Developer's required number of spaces compared to the total number of spaces in the parking facility, with the Developer's cost being that percentage of the total cost of the parking facility (including, but not limited to, acquisition, design, and construction): Developer's Cost = Developer's Deficient Off Street Parking Spaces X Total Total Spaces in Facility Facility Cost The parties hereto intend the parking facility to be an average cost, surface parking lot with normal City required improvement. The share of parking facility the attributable to one parking space which shall be a 9' x 29.5' paved space and aisle (share), concrete curb/gutter, and fronted by an automatically irrigated landscape strip 9' x 5' wide. In 1989, the estimated total cost of such a parking space in the downtown was four thousand seven hundred and twenty three dollars (4,723.00). This amount, adjusted for inflation, shall serve as a guide to the reasonableness of the per parking space cost to be charged Developer under the above formula. Developer may protest its share of the total facility cost before the City Council within 15 days of receipt of payment request as stated in paragraph 2 (B). B. Developer's Required Spaces. The number of deficient parking spaces is twelve (12) spaces which Developer is required to provide but has decided not to construct.