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Easement Area is more particularly described in Exhibit B, <br />attached hereto. <br /> <br /> D. On November 5, 1985, City approved a Planned <br />Unit Development ("PUD-85-10") for Hopyard Center, by Ordi- <br />nance No. 1227. PUD-85-10 makes development of the Hopyard <br />Center as described therein contingent upon receipt of legal <br />assurances that Hopyard will construct an automobile parking <br />structure providing certain parking spaces in the Canal <br />Easement Area. <br /> <br /> E. Under established City parking requirements <br />the development approved by PUD-85-10 would require approxi- <br />mately three hundred eleven (311) parking spaces. The <br />design approved by PUD-85-10 shows two hundred fifty-two <br />(252) parking spaces within Hopyard Center and requires that <br />Hopyard construct approximately ninety-four (94) additional <br />spaces on the Canal Easement Area. This creates a minimum <br />surplus of approximately thirty-four (34) parking spaces <br />which will benefit users of the City-owned Sports Park <br />adjacent to Hopyard Center and, because of different times <br />of .peak use for Hopyard Center and the Sports Park, the <br />surplus benefitting the City generally will be considerably <br />larger. <br /> <br /> NOW, THERIEFORE, IN CONSIDERATION of the mutual <br />covenants and promises of the parties, the parties hereto <br />agree as follows: <br /> <br /> 1. Construction and Reconstruction of Parking <br />Facility. Contingent upon the City granting to Hopyard a <br />nonexclusive easement ("Pleasanton Canal Easement") to the <br />Canal Easement Area over a portion of the Pleasanton Canal <br />(in the form attached hereto as Exhibit C), Hopyard will <br />construct a parking facility ("Parking Facility") in the <br />approximate configuration shown in Exhibit D, attached <br />hereto. Hopyard shall be responsible for preparing all <br />engineering plans and obtaining approval of the Parking <br />Facility from the City and other governmental agencies with <br />approval authority. City shall cooperate with Hopyard and <br />assist Hopyard in obtaining the approval of the plans from <br />any other governmental agency. During the first (50) years <br />of the Parking Facility's useful life, Hopyard shall be <br />obligated to reconstruct it only to the extent imposed by <br />the applicable Planned Unit Development or equivalent dis- <br />cretionary land use approval. After the first fifty (50) <br />years, Hopyard shall contribute fifty percent (50%) of the <br />cost of reconstruction of the Parking Facility, and City <br />shall contribute fifty percent (50%) of such cost. <br /> <br /> K559-26-A/08Sep86/a <br /> <br /> <br />