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IN LIEU PARKING AGREEMENT <br /> <br /> THIS IN LIEU PARKING AGREEMENT is entered into this day <br /> of , 1985, by and between the CITY OF PLEASANTON, a <br /> municipal corporation ("City"), and LARRY OSBORNE and FRANK <br /> MENDICINO (collectively referred to as "Developer"). <br /> <br /> RECITALS <br /> <br /> A. Developer owns certain real property located in the City <br /> of Pleasanton, County of Alameda, State of California, consisting <br /> of approximately 0.10 acres at the northeast corner of Peters <br /> Avenue and Rose Avenue ("Property"). The Property is more <br /> particularly described in Exhibit A, attached hereto. <br /> <br /> B. Developer intends to improve the Property by <br /> constructing an approximately 3,568 sq. ft. office project <br /> ("Proj ect") . <br /> <br /> C. Developer is unable to provide on the Property all of <br />the off-street parking required by the Ordinance Code of the City <br />of Pleasanton, and Developer desires to fulfill its obligation to <br />provide parking facilities for the Project under the terms of <br />this agreement. <br /> <br /> D. City and Developer enter this agreement pursuant to <br />Section 2-9.22 of Article 16, Title II of the Ordinance Code of <br />the City of Pleasanton which requires Developer to deposit funds <br />with the City to be used exclusively for acquiring, developing <br />and maintaining off-street parking facilities available to the <br />general public and located in an area benefiting the Project. <br /> <br /> NOW, THEREFORE, in consideration of the mutual covenants and <br />promises contained herein, the parties agree as follows: <br /> <br /> 1. Area of Benefit. The area of benefit ("Area of <br />Benefit") shall be generally that portion of the central business <br />district and adjacent lands located no more than three blocks <br />from the Property. The Area of Benefit is more particularly <br />shown on Exhibit B, attached hereto. <br /> <br /> 2. In Lieu Payment. Developer and City agree that the <br />dollar amount necessary to provide off-street parking facilities <br />within the Area of Benefit is Three Thousand Eight Hundred <br />Seventy-five Dollars ($3,875.00) per parking space. Based on the <br />presently contemplated uses of the Project, Developer is three <br />(3) spaces short of the minimum number of off-street parking <br />spaces required by City, and Developer shall meet its minimum <br />off-street parking requirement by making an in lieu payment of <br />Eleven Thousand Six Hundred Twenty-five Dollars ($11,625.00). <br /> <br /> 3. Future In Lieu Payment. If at some time in the future <br />Developer wishes to utilize the Project for a more <br /> <br /> - 1 - <br /> <br /> <br />