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i <br /> <br /> 3. Refund of In Lieu Payment. <br /> <br /> a. Reduction in Obligations. If Owner constructs <br /> <br /> parking s[~,aces in the Area of Benefit in excess of the existing <br /> t~.zo h~3ndred and four (204) spaces, or otherwise satisfies City's <br /> parking requirements, City shall credit Owner's In Lieu Payment <br /> at the rate of Two Thousand Four Hundred Dollars ($2,400.00) for <br /> each parking space so provided. Owner shall consult with City <br /> prior to constructing any such parking space to insure that <br /> Owner's plans are acceptable to City. <br /> <br /> b. Actions of City. Owner shall notify City if <br /> <br />additional parking spaces have been provided pursuant to this <br />Paragraph 3. Within fifteen (15) days of the receipt of written <br />notice from Owner that additional parking spaces have been <br />provided, City shall take the actions. set forth below. <br /> <br /> (1) Refund Cash. If Owner has deposited cash in <br /> <br />the In Lieu Fund, City shall refund to Owner Two Thousand Four <br />Hundred Dollars ($2,400.00) from the In Lieu Fund for each <br />additional parking space provided by Owner. <br /> <br /> (2) Reduce Letter. If there are no funds in the <br /> <br />In Lieu Parking Fund, Owner shall have the right to reduce any <br />letter of credit given to City by Owner by the amount of Two <br />Thousand Four Hundred Dollars ($2,400.00) for each additional <br />parking space provided by or credited to Owner. If all required <br />additional parking spaces are provided, City shall return any or <br />all letters of credit to Owner. <br /> <br /> 4. City Efforts. City shall use its best efforts to <br /> <br />obtain, or to assist Owner in obtaining, all necessary approvals <br /> <br />to construct the contemplated parking lot"over the Pleasanton <br /> <br /> - 6 - <br /> <br /> <br />