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• <br />• <br />with the City to be used exclusively for acquiring, developing <br />and maintaining off-street parking facilities available to the <br />general public and located in a defined area of benefit. Section <br />2-9.22 states that City shall refund to the owner any funds <br />deposited with the City if sufficient parking is supplied for an <br />owner's property before the funds have been committed or <br />expended. <br />NOW, THEREFORE, pursuant to the authority contained in <br />Section 2-9.22 of the Code and in consideration of the mutual <br />covenants and promises of the parties, the parties hereto agree <br />as follows: <br />1. Area of Benefit. The Property, the adjacent 1.56 acre <br />undeveloped parcel of land, and the Pleasanton Canal adjacent to <br />the Property and the adjacent undeveloped parcel shall be the <br />area of benefit ("Area of Benefit"). The Area of Benefit is more <br />particularly shown on Exhibit B. Funds deposited with City <br />pursuant to this Agreement shall be used exclusively for <br />acquiring, developing, and maintaining off-street parking <br />facilities available to the general public in the Area of <br />Benefit. <br />2. In Lieu Payment. <br />a. In Lieu Parking Fund. Any payment made by Owner <br />under this Agreement ("In Lieu Payment") shall be deposited in a <br />special fund designated as the "Hopyard Center In Lieu Parking <br />Fund" ("In Lieu Fund"). <br />b. Owner and City agree that the dollar amount <br />necessary to provide off-street parking facilities within the <br />Area of Benefit is Two Thousand Four Hundred ©ollars ($2,400.00) <br />- 3 - <br />