RES 86520 - Laserfiche WebLink

WHEN RECORDED, RETURN TO: " City Attorney ~-267815 , P. O. BOx 520 Pleasanton, CA 94566 ~ THIS IN LIEU PARKING AGREEMENT is entered into this o~d day of ~b~ , 1985, by and between the CITY OF PLEABANTON, a municipal corporation ("City"), and LARRY OSBORNE and FRANK MENDICINO (collectively referred to as "Developer"). RECITALS A. Developer owns certain real property located in the City of Pleasanton, County of Alameda, State of California, consisting of approximately 0.10 acres at the northeast corner of Peters Avenue and Rose Avenue ("Property"). The Property is more particularly described in Exhibit A, attached hereto. B. Developer intends to improve the Property by constructing an approximately 3,568 sq. ft. office project ("Project"). C. Developer is unable to provide on the Property all o~ the off-street parking required by the Ordinance Code of the City of Pleasanton, and Developer desires to fulfill its obligation to provide parking facilities for the Project under the terms of this agreement. Section. 18.88.120 of the Municipal ~City and Developer enter this agreement pursuant to Section 2 9 22 ^~ Art~^ ~= m~^ TT ^~ ~^ Ordinance Code of the City of Pleasanton which requires Developer to deposit funds with the City to be used exclusively for acquiring, developing and maintaining off-street parking facilities available to the general public and located in an area benefiting the Project. NOW, THEREFORE, in consideration of the mutual covenants and promises contained herein, the parties agree as follows: 1. Area of Benefit. The area of benefit ("Area of Benefit") shall be generally that portion of the central business district and adjacent lands located no more than three blocks from the Property. The Area of Benefit is more particularly shown on Exhibit B, attached hereto. 2. In Lieu Payment. Developer and City agree that the dollar amount necessary to provide off-street parking facilities within the Area of Benefit is Three Thousand Eight Hundred Seventy-five Dollars ($3,875.00) per parking space. Based on the presently contemplated uses of the Project, Developer is43a%~ae four (4) (3) spaces short of the minimum number of off-street parking spaces required by City, and Developer shall meet its minimum off-street parking requirement by making an in lieu payment of .leven Thc'~=~d Six IIund~e~ Twenty five Dollars ~j. II~625..0~). ~Fiftee~'~%usand Five Hundred Dollars ($15,50 00). 3. Future In Lieu Payment. If at some time in the future Developer wishes to utilize the Project for a more - 1 -