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G <br />;_1 <br />per parking space ("Cost per Parking Space"). In the event City <br />wishes to utilize undeveloped lands of Owner to provide <br />off-street parking facilities pursuant to this Agreement, Owner <br />agrees that his compensation for any land required shall be based <br />on a land value derived from the difference between the Cost per <br />Parking Space, adjusted to reflect interest earned by the In Lieu <br />Fund, and the cost of improvement of said parking space. <br />c. Initial Payment. Within fourteen (14) days of the <br />execution of this Agreement, Owner shall deposit with City an <br />irrevocable standby letter of credit ("LC"), satisfactory to the <br />City Attorney, in the amount of Eighty-Four Thousand Dollars <br />($84,000.00) ("Initial Payment"). The LC shall state City to be <br />the beneficiary and shall be payable one (1) year from the date <br />of issuance of the LC if Owner has not constructed or commenced <br />construction on parking, or otherwise satisfied parking <br />requirements, in the Area of Benefit in accordance with the terms <br />of Paragraph 3 herein. <br />d. Satisfaction of Parking Requirements. The Initial <br />Payment and the Additional Parking Space shall be deemed to <br />provide thirty-six (36) off-street parking spaces; owner may <br />lease Unleased Space in Hopyard Center to tenants of Owner's <br />choosing until the off-street parking spaces provided by the <br />Initial Payment and the Additional Parking Space have been fully <br />allocated to additional tenants in accordance with the Code <br />requirements for provision of off-street parking. <br />e. Future Payments. <br />(1) Nine (9) months from the execution of this <br />Agreement, or sooner at the option of owner, Owner shall deposit <br />- 4 - <br />