RES 89520 - Laserfiche WebLink

C. Time of Payment. .Payment shall be made within sixty (60) days of the City's sending to Developer a request for payment and showing the total costs of the completed public facility. Developer may choose to make payment in no more than five (5) yearly installments in lieu of making a lump sum payment. Installment payments shall include interest at an amount based on then-existing private sector fair market interest rates, as established at the time of Developer's election to make installment payment through mutual agreement of Developer and the City Engineer. D. In-Lieu Payment. At any time prior to construction of a parking facility by City, Developer may pay an amount calculated to satisfy the off-street parking requirements of the Project. The amount shall be determined by the City Engineer and shall be based on the number and estimated cost of spaces as described in paragraph A. City shall then execute a release from this In-Lieu Parking Agreement and shall be recorded with County Recorder's Office. 3. Future In Lieu Payment. If, at some time following payment of the in-lieu payment required in Section 2 above, Developer wishes to utilize the Project for a more parking intensive use for which additional off-street parking would be required by Code or to enlarge the building, Developer may meet its obligation to provide such additional off-street parking as may be required by making an additional in-lieu payment in an amount mutually agreed upon by the Developer and the City Engineer, said payment to reflect the then- existing cost of providing parking spaces within the Area of Benefit. This option shall be available to Developer only if parking facilities within the Area of Benefit as shown in the City's Downtown Specific Plan remain to be acquired/constructed at that time. 4. In Lieu Parkinq Fund. Any payment made by Developer under this agreement shall be deposited by City in a special fund designated as the "CBD In Lieu Parking Fund" ("In Lieu Fund"). Any interest earned by said fund shall be retained by City in said In Lieu Fund. 5. Use of In-Lieu Fund. The In-Lieu Fund shall be used exclusively for acquiring, developing, and maintaining off- street parking facilities available to the general public in the Area of Benefit.