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�. �- ic�q <br /> RetaiUCinema Parking <br /> _ _ _. _ _ 4 . Business Points <br /> The following terms aze principies for the negotiation of a Pazking Facilities <br /> Agreement for the Project (as defined in the Disposition and Development <br /> Agreement, as amended, between the City and Developer). . The Parking <br /> Facilities Agreement will be an attachment to the DDA. The signatories <br /> acknowledge and agree that the terms aze a general outline of the basic terms <br /> of the Parking Facilities Agreement. The execution of this document will not <br /> bind or obligate the signatories until all the sigtatories execute the final <br /> Parking Facilities Agreement. Each signatory agrees to work in good faith in <br /> drafting a final Parking Fac:ities Agreement. It is acknowledged that <br /> Century Theaters is a third party beneficiary to the Parking Facilities <br /> Agreement. <br /> The purpose of the final Parking Facility Agreement is to ensure that <br /> sufficient pazking is available in the downtown to support both the <br /> retail/cinema project and the rest of the downtown businesses. The parties to <br /> these Business Points and Century are cominitted to this declared purpose, <br /> and the Parking Agreement is one, but certainly not the only tool for <br /> assuming this common goal. An active, well parked downtown is in the best <br /> interest of the City, the developer, Century Theaters, and all other downtown <br /> businesses. <br /> 1. Jefferson Garage <br /> a. The Developer will construct approxunately 595' public parking <br /> spaces (the Jefferson Garage) on two levels under the Project and <br /> Middlefield Road. The City will not pay more than the actual cost <br /> of construction of the garage. The Developer will operate the <br /> garage for one year following its opening subject to the terms and <br /> conditions of the Parking Facilities Agreement. Subsequent to the <br /> first year, the City will operate the Jefferson Garage as a downtown <br /> public parking garage, pursuant to the Parking Facilities <br /> Agreement. <br /> b. Not less than $5.00z per hour parking charge for Peak Periods <br /> � Plus or minus 10% as City reasonably determines the number of parking spaces that can -it on <br /> the site. Developer has represented that it will produce not less than 580 spaces. <br /> = The $5.00 charge will be kept current by reasonable adjustments for inflation, but with <br /> minimum adjustments of fifty cent increments. <br /> Cinema Business Points <br /> � Page 1, 12/5/2002 <br />