AgdaPkt 2015-07-27 Joint SA and PFA

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8.A. - Page 8 the City to facilitate the development of the Project. The terms of the DDA include the following: • The City would convey to the Property Owners easements beneath Hamilton Street and Middlefield Road (referred to as the Public Access Parcels in the DDA) to help create secondary exit from the City's current underground parking at Jefferson Garage, and title to a portion of City -owned property located at the corner of Middlefield Road and Winslow Street (referred to as the "Sliver Parcel ") to allow for a small portion of the Project's building to be developed. • Future development of a City -owned parcel, referred to as the Winslow Parcel in the DDA, would include an underground parking garage (referred to as the Winslow Garage in the DDA), which would be connected to the Project's Hamilton Garage. • The construction of the Project's Hamilton Garage would be completed prior to the construction of the retail /office building and a partial Certificate of Completion may be issued for the Hamilton Garage prior to the issuance of a Certificate of Completion for the entire Project in order that the Hamilton Garage may be used by the Project's construction staff. • The loading bay would be conveyed as an easement for use by the Fox Theatre between the Developer and the Fox Theatre property owner. • The Developer shall pay to the City the amount equivalent to the amount of in- lieu parking fees for 115 parking spaces, at a rate of $25,000.00 per parking space not provided on the Project site, for a total parking in -lieu fee of $2,875,000.00. • In -Lieu Parking Agreement: In consideration of the Applicant's undertaking to develop and construct the connections through the Public Access Parcels from the proposed Hamilton Garage to the Jefferson Garage and to the future Winslow Garage (estimated cost: $5,500,000.00), for agreeing to undertake the ongoing obligations set forth in the Easement and Parking Agreement (Exhibit D of the DDA), and for the other community benefits noted below, the City agrees that the Applicant shall receive an in -lieu parking fee credit parking stalls as set forth in the DDA, which is equivalent to $2,525,000.00 • The Fox Theatre owner agrees to make available at no cost to the City approximately 900 square feet of office space within the Fox Theatre to be used as a police substation for three (3) years following completion of the Project. • The Fox Theatre owner agrees to make available (no cost facility rental) to the City the main auditorium of the Fox Theatre for up to four (4) community events per year for three (3) years. Approval authority of the DDA is with the City Council. Staff has provided the significant terms of the DDA, as described above, to the Planning Commission for their