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<br />3. Refund of In Lieu Payment. <br />a. Reduction in Obligations. If Owner constructs <br />parking spaces in the Area of Benefit in excess of the existing <br />two hundred and four (204) spaces, or otherwise satisfies City's <br />parking requirements, City shall credit Owner's In Lieu Payment <br />at the rate of Two Thousand Four Hundred Dollars ($2,400.00) for <br />each parking space so provided. Owner shall consult with City <br />prior to constructing any such parking space to insure that <br />Owner's plans are acceptable to City. <br />b. Actions of City. Owner shall notify City if <br />additional parking spaces have been provided pursuant to this <br />Paragraph 3. Within fifteen (15) days of the receipt of written <br />notice from Owner that additional parking spaces have been <br />provided, City shall take the actions set forth below. <br />(1) Refund Cash. If Owner has deposited cash in <br />the In Lieu Fund, City shall refund to Owner Two Thousand Four <br />Hundred Dollars ($2,400.00) from the In Lieu Fund for each <br />additional parking space provided by Owner. <br />(2) Reduce Letter. If there are no funds in the <br />In Lieu Parking Fund, Owner shall have the right to reduce any <br />letter of credit given to City by Owner by the amount of Two <br />Thousand Four Hundred Dollars ($2,400.00) for. each additional <br />parking space provided by or credited to Owner. If all required <br />additional parking spaces are provided, City shall return any or <br />all letters of credit to Owner. <br />4. City Efforts. City shall use its best efforts to <br />obtain, or to assist Owner in obtaining, all necessary approvals <br />to construct the contemplated parking lot over the Pleasanton <br />- G - <br />