RES 85321 - Laserfiche WebLink

parking-intensive use, Developer may meet its obligation to provide such additional off-street parking as may be required by making an in-lieu payment in an amount mutually agreed upon by the Developer and the City Engineer, said amount to be based upon the cost per parking space as described in Paragraph 2 herein and adjusted to reflect the then-current cost of acquiring and developing off-street parking facilities in the Area of Benefit. 4. In Lieu Parking Fund. Any payment made by Developer under this agreement shall be deposited by City in a special fund designated as the "CBD In Lieu Parking Fund" ("In Lieu Fund"). Any interest earned by said fund shall be retained by City in said In Lieu Fund. 5. Use of In-Lieu Fund. The In-Lieu Fund shall be used exclusively for acquiring, developing, and maintaining off-street parking facilities available to the general public in the Area of Benefit. 6. Satisfaction of Parking Requirements. The payment to the In-Lieu Fund provided for herein shall be deemed to provide three (3) off-street parking spaces for the Property. Developer may lease to tenants of Developer's choosing or otherwise utilize the Project until the off-street parking spaces provided in the Project and in this paragraph, together, have been fully allocated to users of the Project in accordance with the Ordinance Code's requirements for provision of off-street parking. 7. Refund of In Lieu Payment. If Owner constructs off-street parking spaces in the Area of Benefit available for use by the Project in accordance with the provisions of the City's Ordinance Code, City shall refund to Developer, within fifteen (15) days of receipt of written notice from Developer that such additional off-street parking spaces have been provided, an amount calculated at the rate of Three Thousand Eight Hundred Seventy-five Dollars ($3,875.00) for each off-street parking space so provided Developer shall consult with City prior to constructing any such additional off-street parking spaces to ensure that Developer's plans are acceptable to City. 8. General Provisions. a. Amendment and Termination. City and Owner may by mutual written agreement terminate or amend the terms of this Agreement. Any amendment shall be in accordance with the terms of Section 1-9.22 for the adoption of in lieu parking agreements. b. Construction of Aqreement. The language in this Agreement shall, in all cases, be construed as a whole and in accordance with its fair meaning. The captions of the paragraphs and subparagraphs of this Agreement are for convenience only and shall not be considered or referred to in resolving questions of construction. This Agreement shall be governed by the laws of the State of California. If any material provision of this Agreement shall be judged to be invalid, void or illegal, the - 2 -