AgdaPkt 2004-06-28 - Laserfiche WebLink

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I c �� �. � ._ the daily occupancy levels for the four (4) days covered by the Block Two Parking Survey having the highest daily occupancy levels (the "Block Two PPD"). D. Caltrain Garage Parkin Survey. If the City receives any notice of termination of its rights to use the Caltrain Garage for parking as contemplated by this Agreement, the City shall immediately notify the Developer and Century. To verify the continuing need for parking spaces in the Caltrain Garage for powntown public parking, the City shall cause to be completed by a reputable parking consultant an occupancy survey of the Caltrain Garage during the Block Two Lot Peak Periods on eight (8) days selected by Century during any thirty (30) day period during the next successive "Seasonal Period" as defined above in Section VII-C above (the "Caltrain Garage Parking Survey") and the City shall distribute to the Developer and Century, immediately upon receipt, the results of the Caltrain Garage Parking Survey. Based upon the results of the Caltrain Garage Parking Survey, the City shall calculate the Caltrain Garage peak parking demand by calculating the average of the daily occupancy levels for the four (4) days covered by the Caltrain Garage Parking Survey having the highest daily occupancy levels (the "Caltrain PPD"). The City will replace the lower number of the Block Two RPO or the Caltrain PPD. In addition, if the Block Two PPD is greater than the Caltrain PPD, the City will use its best efforts to also replace those additional spaces. E. Adiustments to PazkinQ in connection with New Development on Block Two and Termination of Parkin��hts in the Caltrain Garage. At any time before or after the development of Block Two or the termination of use of the Caltrain Garage the City may satisfy the Block Two PPD, Caltrain PPD, or fractions thereof; by any one or combination of the following: (i) new parking spaces constructed by the City in the Red Zone or the Orange Zone that are made available long-term as free 4-hour customer parking on nights and weekends, and (ii) other parking in the Red Zone or the Orange Zone, in public or private facilities, not utilized as of the Effective Date of the DDA (January 8, 2003) for night and weekend parking that is made available long-term as free 4-hour customer parking on nights and weekends. As used in this Section VII-E, "long-term" shall mean that at least two (2) years notice shall be given prior to termination of use. VIII. STANDARDS OF OPERATION The Standards of Operation for the Jefferson Garage are set forth in the Reciprocal Easement and Maintenance Agreement dated IX. TERM This Agreement commences upon the Effective Date and continues for a forty-five (45) year period (the "Term") that starts from the opening of sixty percent (60%) or more of the net leasable area of the Project (the "Project Opening"). Developer shall notify City, in writing, within seven (7) business days of the Project Opening, After the first twenty (20) years following the Project Opening (the "Initial Term") the Parties shall renew this Agreement and attempt to agree upon mutually acceptable modifications to this Agreement, if any are deemed Atty/Agr/Agr.194 062404 ��