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~ ~ <br />America parking lot to the west, Developer's obligation shall be $74,800 <br />(17 parking spaces x $4400). Developer shall pay City $45,000 at the <br />time it applies for a building permit for the Property. If by December 31, <br />1997, the Property's parking has been combined with the Bank of <br />America's parking lot to the west, Developer shall pay the principal <br />balance in five equal installments as follows: <br />January 15, 1998 - $7450 <br />January 15, 1999 - $7450 <br />January 15, 2000 - $7450 <br />January 15, 2001 - $7450 <br />January 15, 2002 - $7450 <br />If by December 31, 1997, the Property's parking has not been combined <br />with the Bank of America's parking lot to the west, Developer's obligation <br />to make the full installments shall not accrue until 30 days after the <br />parking is so combined or after the City provides a different off-site <br />parking facility within the Area of Benefit, whichever is earlier. <br />The outstanding principal balances shall accrue interest at the City's <br />blended interest rate and shall be paid along with the principal payments. <br />3. Future In Lieu Payment. If the 10% reduction identified in 2b above <br />cannot be attained, then Developer shall pay the City an additional $22,000, with the <br />payments to be made annually in five equal installments. The first payment shall be <br />due 30 days after the City provides a different off-site parking facility within the Area of <br />Benefit. Interest shall begin to accrue on the outstanding balance after the City informs <br />the Developer that the 10% reduction cannot be attained. <br />4. In Lieu Parking Fund. Any payment made by Developer under this <br />Agreement shall be deposited by City in a special fund. <br />5. Use of In Lieu Fund. The In Lieu Fund shall be used exclusively for <br />acquiring, developing, and maintaining off-street parking facilities available to the <br />general public in the Area of Benefit. <br />6. Satisfaction of Parking Requirements. The payment to the In Lieu Fund <br />provided for herein shall be deemed to provide the number of spaces calculated in <br />Section 2b for the Property. <br />7. Sole Parking Requirement. So long as the Project remains unchanged, <br />i.e., a retail/restaurant/office use, Developer shall not be obligated to provide funds for <br />any off-street parking improvement (whether by assessment district, benefit district, fee, <br />or other means) other than in this Agreement. <br />(AGREEMENTS\INLIEUPK.SAM) 3 <br />