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("Excess Parking Space") can be applied to space to be leased in <br /> <br />the future ("Unleased Space"). If used for office and retail <br />uses; in roughly equal amounts, the full use of the Unleased Space <br />would requi~e seventy-two (72) additional off-street parking <br /> <br />spaces. <br /> <br /> E. Owner 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 ("Code") to enable Owner to lease the balance of the <br />development. <br /> <br /> F. Owner has proposed to build on the portion of the <br />Pleasanton Canal which adjoins the Property an approximately 106 <br />space additional parking lot to serve, in part, the Property. <br />Owner has also explored use of an adjacent 1.56 acre parcel which <br />it owns for combining with the Property into an integrated, <br />planned development which could alleviate the shortage of <br />off-street parking available to the Hopyard Center. <br /> <br /> G. Pending City approval of Owner's proposal to construct <br />additional parking spaces over the'Pleasanton Canal, or of any <br />other arrangement deemed to fulfill City's parking requirement, <br />such as a variance or Planned Unit Development designation with a <br />lower parking requirement, Owner desires to fulfill its current <br />obligation to provide parking for Hopyard Center under the terms <br />of this Agreement. <br /> <br /> H. City and Owner enter this Agreement pursuant to Title <br /> % <br /> <br />II, Article 16, Section 2-9.22 ("Section 2-9.22") of the Code, <br />which permits the owner of a parcel in a C-C District to enter an <br />in lieu parking agreement with the City Council. An in lieu <br />parking agreement requires an owner to deposit a specified sum <br /> <br /> - 2 -' <br /> <br /> <br />