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Property. The Area of Benefit is more particularly shown on <br />Exhibit B, attached hereto. <br /> <br /> 2. In Lieu Payment. Developer and City agree that Developer <br />shall pay an amount necessary to provide off-street parking <br />facilities within the Area of Benefit for the Project, and its <br />use, constructed by Developer. <br /> <br /> A. Cost of Spaces in Parking Facility. Developer's <br /> share of the parking facility shall be calculated as the <br /> proportionate share of Developer's required number of <br /> spaces compared to the total number of spaces in the <br /> parking facility, with the Developer's cost being that <br /> percentage of the total cost of the parking facility <br /> (including, but not limited to, acquisition, design, and <br /> construction): <br /> <br /> Developer's Cost = <br /> <br /> Developer's Required Spaces <br /> Total Spaces in Facility x Total Facility Cost <br /> <br /> The parties hereto intend the parking facility to be an <br /> average cost, surface parking lot with normal City- <br /> required improvements. The share of parking facility <br /> attributable to one parking space would be a 9' x 29.5' <br /> paved space and aisle (share), concrete curb/gutter, and <br /> fronted by an automatically irrigated landscape strip <br /> 9' x 5' wide. In 1988, the estimated total cost of such <br /> a parking space in the downtown was Four Thousand Four <br /> Hundred Fifty-six Dollars ($4,456.00). This amount, <br /> adjusted for inflation, shall serve as a guide to the <br /> reasonableness of the per parking space cost to be <br /> charged Developer under the above formula. Developer may <br /> protest its share of the total facility cost before the <br /> City Council. <br /> <br /> B. Developer's Required Spaces. The number of spaces <br /> the Developer is required to provide shall be calculated <br /> as a function of the size of building actually <br /> constructed and its use during the first five years <br /> following its occupancy, the required spaces being those <br /> specified in the City's Zoning Ordinance Schedule of <br /> Off-Street Parking Space Requirements at the time the <br /> parking facility is constructed. (For example, the <br /> present requirements are: retail - 1/450 sq. ft.; <br /> office 1/300 sq. ft.; restaurant 1/200 sq. ft., etc.) <br /> If the parking facility is constructed prior to the <br /> expiration of five years following occupancy, the <br /> required spaces shall be calculated based on the actual <br /> uses in the then-existing building. If the parking <br /> facility is constructed after the expiration of five <br /> years following occupancy, the spaces shall be <br /> calculated based on the use of the building at the <br /> <br /> <br />