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WHEN RECORDED, RETURN TO: <br />City Attorney <br />P. O. Box 520 <br />Pleasanton, CA 94566 <br /> <br /> IN LIEU PARKING AGREEMENT <br /> <br /> THIS IN LIEU PARKING AGREEMENT is entered into this 7th day <br />of March 1989, by and between the CITY OF PLEASANTON, a municipal <br />corporation ("City"), and 350 PARTNERS ("Developer"). <br /> <br /> RECITALS <br /> A. Developer owns certain real property located in the City <br />of Pleasanton, County of Alameda, State of California, consisting <br />of approximately 6,291 square feet at the southeast corner of West <br />Angela and Main Streets,l Pleasanton, CA 94566 ("Property"). The <br />Property is more particularly described in Exhibit A, attached <br />hereto. <br /> <br /> B. Developer intends to improve the Property by constructing <br />an approximately 11,900 square foot, two-story office/retail <br />building ("Project"). Developer intends to construct the building <br />in two phases, the first phase (6,067 sq. ft. one-story building) <br />being the ground floor, the second phase being the second floor. <br /> <br /> C. Developer is unable to provide on the Property all of the <br />off-street parking required by the Ordinance Code of the City of <br />Pleasanton, and Developer desires to fulfill its obligation to <br />provide parking facilities for the Project under the terms of this <br />agreement. <br /> <br /> D. At a noticed public hearing, the City Council approved <br />the Project, with its accompanying request for an in-lieu parking <br />agreement, and directed through condition of project approval that <br />this agreement be entered into. <br /> <br /> E. City and Developer enter this agreement pursuant to <br />Section 18.88,120 of the Municipal Code of the City of Pleasanton <br />which requires Developer to pay an amount to the City to cover the <br />cost of deficient off-street parking spaces; said funds would be <br />used by the City exclusively for acquiring, developing and <br />maintaining off-street parking facilities available to the general <br />public and located in an area benefitting the Project. <br /> <br /> NOW, THEREFORE, in consideration of the mutual covenants and <br />promises contained herein, the parties agree as follows: <br /> <br /> 1. Area of Benefit. The area of benefit ("Area of Benefit") <br />shall be generally that portion of the central business district <br />and adjacent lands located no more than one block from the <br /> <br /> <br />