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per parking space ("Cost per Parking Space"). In the event City <br /> wishes to utilize undeveloped lands of Owner to provide <br /> off--street parking facilities pursuant to this Agreement, Owner <br /> agrees that. his compensation for any land required shall be based <br /> on a land value derived from the difference between the Cost per <br /> Parking Space, adjusted to reflect interest earned by the In Lieu <br /> Fund, and the cost of improvement of said parking space. <br /> <br /> c. Initial Payment. Within fourteen (14) days of the <br /> execution of this Agreement, Owner shall deposit with City an <br /> irrevocable standby letter of credit ("LC"), satisfactory to the <br /> City Attorney, in the amount of Eighty-Four Thousand Dollars <br /> ($84,000.00) ("Initial Payment"). The LC shall state City to be <br /> the beneficiary and shall be payable one (1) year from the date <br /> of issuance of the LC if Owner has not constructed or commenced <br /> construction on parking, or otherwise satisfied parking <br /> requirements, in the Area of Benefit in accordance with the terms <br /> of Paragraph 3 herein. <br /> <br /> d. Satisfaction of Parking Requirements. The Initial <br />Payment and the Additional Parking Space shall be deemed to <br />provide thirty-six (36) off-street parking spaces; Owner may <br />lease Unleased Space in Hopyard Center to tenants of Owner's <br />choosing until the off~street parking spaces provided by the <br />Initial Payment and the Additioonal Parking Space have been fully <br />allocated to additional tenants in accordance with the Code <br />requirements for provision of off-street parking. <br /> <br /> e. FIjture.Payments. <br /> <br /> (1) Nine (9) months from the execution of this <br /> <br />Agreement, or sooner at the option of owne~, Owner shall deposit <br /> <br /> - 4 - <br /> <br /> <br />