AgdaPkt 2002-12-09 - Laserfiche WebLink

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` q.A-�3� reference to the Project shall be limited thereafter to those set forth in the Grant Deed or Grant Deeds relating thereto, wluch shall be in accordance with the provisions of Secdon 310 of this Agreemenk §518 Develoument ot the Public Parkine Portion of the Proiect In consideration of the covenants and obligations of the parties contained herein, the City, the Agency and Developer agree that the Project shall include an undergcuund public parking facility the ("Public Parking Facilit}�') to accommodate approximately five hundred ninety (590) automobiles, which facility shall be constructed by Developer and owned, maintained and operated by the City upon the completion of construction thereof, and the cons�uction costs for . which shall be paid by the City, in accordance with the following ternis and conditions hereinafter set forth in this Section 518 and with the terms and conditions set forth in the RetaiUCinema Parking Business Points document that is attached hereto as Attachment 7 and that will serve as the basis for a Pazking Facilities Agreement (the "Parldng Facilities Agreement"). The RetaiUCinema Pazldng Business Points address not oniy the use of the Public Pazking Facility but also the provision of off-site parking. A. In order to accommodate the City's owaership of the Public Pazldng Facility, the Parties contemplate that the Project shall be developed as a vertical subdivision in accordance with Califomia law and in compliance with the laws and regulations of the City, with two pazcels, one encompassing the space contained within the Public Pazldng Facility and the land thereunder (the "Parking Parcel") and the other encompassing the space contained within the Retai]-Cinema portion of the Pmject. The City shall pay Developer the sum set forth in Attachment 8, which sum (the "Pazking Facility Costs") is intended to reimburse Developer for the fair and equitable portion of the total hard and soft costs (including the costs incurred in the pre-construction design budget referred to in Section 518(D)) and incurred by Developer for constructing all improvements on the Project Site and the azea below Middlefield Road into which the Puhlic Parking Facility extends that can be reasonably and equitably allocated to planning, design, engineering, construction management and construction of the Public Pazking Facility. The method that shall be used to calculate the Pazking Facility Costs is set forth in Attachment 8, and the sum representing the Pazking Facility Costs shall be mutually agreed upon by the parties on or before the date set forth in the S �hedule of Perfnrmance. The City shall fund the hard and soft costs of the development, planning, des.g►, engin:;�ring and construction of the Pazking Facility Costs by making payments on a monthly basis to Developer in accordance with a disbursement program to be agreed upon between the City and Developer, and all funds so disbursed to Developer shall be credited against the Pazking Facility Costs owed by the City. B. In addition to payment of the Pazking Facility Costs, the City shall sepazately reimburse Developer for all planning, design, engineering, construction management and construction costs incurred by Developer in connection with relocating the underground culvert that is now located beneath the Project Site, which relocation is required in order to accommodate construction of the underground Public Pazking Facility. The City shall pay Developer the amount owing pursuant to this Section 518(B) by making payments to Developer on a monthly basis in accordance with a disbursement program to be agreed upon between the - City and Developer. 29 DOCSSFL648942.4 9975-5 Cl4 120502