RecDoc 2020-001822 Shared Parking Covenant Lane Broadway CONF

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F. The City and Developer desire that this Shared Parking Covenant shall satisfy Condition Nos. 87-92 and be the instrument to set forthwith specificity the parking obligations applicable to the Project under the Downtown Precise Plan. COVENANT 1. Covenants to Permit Public Parkine. The Downtown Precise Plan provides that Developer may elect to provide "Shared Parking," as defined in Article 2 of the Redwood City Zoning Ordinance to serve the Project, which Developer has elected to do. Developer shall comply with all the terms and conditions in the Downtown Precise Plan and City Zoning Ordinance applicable to Shared Parking, as may be amended from time to time. At a minimum, 150 of the 192 parking spaces provided by the Project ("Parking Spaces") shall be made available to the public Monday through Friday, 5 p.m. to 12 a.m., and 8 a.m. to 12 a.m. on Saturdays, Sundays and holidays, which shall be deemed any day in which the office of the Secretary of State of California is closed as a legal holiday (collectively "Public Parking Hours"). Developer may also, at its option, make Parking Spaces available to the public on weekdays between 8 a.m. and 5 p.m. and on all days between 12:00 a.m. and 8:00 a.m. 2. Valet Parking - General. The entire garage shall be valet parked and provided to tenants (including offices and retail establishments) and visitors of the building for the life of the Project in order to avoid potential conflicts between those who self -park and those using valet parking, during the hours of 7:00 a.m. and 5:00 p.m. Monday through Friday, with the exception of holidays. The valet parking stand shall be located on the first level (B 1) of the parking garage, at the end of the east side drive aisle. The five valet parking spaces located on the first level (B 1), in the east side drive aisle are prohibited for cars to park. The valet parking staff shall re -park vehicles located in the drive aisle to park in parking stalls, once parking stalls become available. 3. Parking Rates. The parking rates for the Parking Spaces during Public Parking Hours shall not be less than the parking rates charged by the City at the Jefferson Garage and shall not be more than one hundred twenty-five percent (125%) of such parking rates without approval by the City. The Jefferson Garage does not have a flat valet rate. If the Project choses to charge a flat valet rate during Public Parking Hours rather than/or in addition to charging based on hourly parking, the Project will submit the proposed valet rate to the City for the City's approval. Developer retains the right and full discretion to set parking rates, including flat valet rates, for the Parking Spaces during weekdays between 8 a.m. and 5 p.m. and on all days between 12:00 a.m. and 8:00 a.m. 4. Parkine Signage. The Project will have exterior digital signage installed on the Jefferson Avenue property frontage. The signage will be capable of displaying at least the following: 1) If the Parking Spaces are open or closed to the public 2) Real-time parking availability in the form of currently available Parking Spaces. No advertising shall be permitted on the signage. The actual sign size, design, messaging and content of the signage is subject to approval by the City. 5. Parking Data. The Project at its cost will provide the City or the City's designated vendor, real-time data on the occupancy of the Public Spaces in the garage during Public Parking Hours. This can be done through a standalone parking occupancy system or through a valet vendor using a digital ticket system. 6. Overstay Parking. The Project will provide the City, for the City's approval, its proposed procedures for the handling of publicly parked vehicles that remain in the Project garage after closure. The Project should provide the public at least one full day to retrieve their vehicle before considering towing activities, unless the parked vehicle is deemed to be a hazard. REV: 12-13-19 PR ATTY/AGR.2019.313/Lane - Broadway, LLC (Page 2 of 8)