BRANAGH-MAIN ST PLEASANTON - IN LIEU PKNG AGMT 1997

~ ~ When recorded, return to: City Clerk P.O. Box 520 Pleasanton, CA 94566 IN LIEU PARKING AGREEMENT THIS IN LIEU PARKING AGREEMENT is entered into this 7th day of January 1997 between the CITY OF PLEASANTON, a municipal corporation (City) and MAIN STREET PLEASANTON, a limited liability company (Developer). RECITALS A. Developer owns certain real property located at 349 Main Street, Pleasanton, California, more particularly described in Exhibit A, attached hereto ("the Property"). B. Developer intends to improve the Property by constructing an approximately 13,700 square foot, two-story, mixed use building (the Project). C. Developer is unable to provide on the Property all of the off-street parking required by the Municipal Code of the City of Pleasanton, and Developer desires to fulfill its obligation to provide parking facilities for the Project under this agreement. D. At a noticed public hearing, the City Council approved the Project, and directed that this agreement be required by way of a condition of approval for the Project. E. City and Developer enter this agreement under Section 18.88.120 of the Municipal Code of the City of Pleasanton which requires Developer to pay an amount to the City to cover the cost of deficient off-street parking spaces; said funds to be used by the City exclusively for acquiring, developing and maintaining off-street parking facilities available to the general public and located in an area benefiting the Project. NOW, THEREFORE, in consideration of the mutual covenants and promises contained herein, the parties agree as follows: 1. Area of Benefit. The area of benefit (Area of Benefit) shall be generally that portion of the central business district and adjacent lands located no more than one block from the Property. The Area of Benefit is more particularly shown on Exhibit B, attached hereto. (AGREEMENTS\INLIEUPK.SAM)