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discretion. The 511 Main Street public-private partnership creates a massive subsidy for this developer, with no way any other property owner can rely on getting the same splendid deal, and no way for the City to afford more deals like that. On the parking supply standard, the planned outcome at 511 Main Street does not provide for additional public parking, or even funds for additional public parking, as suggested above. The increased demand for 23 additional parking spaces (from 7000 additional square feet of building expansion) is left completely unmet. c. The valuation of a 666 sq. ft. public plaza at $461,076 is astronomically high. (p. 10 of Staff Report). The 666 sq. ft. plaza is being "purchased" for $692 per sq. ft. Assuming plaza improvement costs at$70 per sq. ft., the raw land is being valued at$622 per sq. ft. Raw land in downtown Pleasanton has never sold for over $100 per sq. ft., or even close, in my awareness. d. In 2012, the City changed the zoning on 511 Main Street to prohibit banks, after a prospective purchaser was already in contract. Under that prior proposal, the 511 Main Street site was going to be redeveloped as a bank without City subsidy, and no doubt would have included a plaza as part of City exactions. Smart Regulation There should be a way to get the corner plaza built under generally applicable rules that also benefit other downtown properties. As a constructive example, please consider the following alternative, which would allow the 511 Main Street project to go forward as planned, under rules that encourage similar projects elsewhere in downtown. 1111. Allow property improvers providing plaza space in downtown to meet up to 100% of their additional parking requirements by paying in lieu fees. That would be one heck of an incentive to property improvement, standing alone. For building expansions up to 25%, this would reinstate "as of right" building expansion as it existed before the parking hawks got that right deleted in the 2002 Downtown Specific Plan process. In downtown, the small parcel sizes and odd shapes make building expansion together with on-site provision of additional parking spaces typically impractical or impossible. Applying this rule, for example, the in lieu fee for the 23 parking spaces being waived at 511 Main Street would now be $407,744 (23 x $17,728 per space). If the value of this plaza corner location is truly worth $407,744 or more to the City, then the City can apply park fees in that amount, or other City funds, in consideration for the planned restrictive covenant, and deposit that sum in the in lieu parking fund. This maintains honest accounting, while addressing parking supply, and improving a keystone corner of downtown. 2. Commit to creating the new public parking spaces necessary to support the increased development. Specifically, the City could gradually improve parking conditions by creating one public parking space for each in lieu fee paid to the City. There are unimproved portions of the railroad corridor available Mor parking expansion, and several opportunities for smaller public lots throughout the downtown. 2