1990-094-Establishing Parking In-Lieu Fees To Fund Parking Improvements Relating To Phase 3 Of The Downtown Parking Improvement ProgramRESOLUTION 1990 -94
RESOLUTION OF THE TOWN COUNCIL OF THE TOWN OF LOS GATOS
ESTABLISHING PARKING IN -LIEU FEES TO FUND PARKING
IMPROVEMENTS RELATING TO PHASE 3 OF THE DOWNTOWN
PARKING IMPROVEMENT PROGRAM
WHEREAS, the Town Council recognizes the importance of restoring the buildings that
were damaged as a result of the October 17 earthquake in order to preserve the character
of the Downtown.
WHEREAS, in certain instances the most logical, safe method of restoring these
buildings requires the construction of additional floor area which is not allowed by current
zoning regulations due to lack of required parking.
RESOLVED: The Town Council hereby establishes a fund for the construction of
parking improvements relating to Phase 3 of the Downtown Parking Improvement Program.
FURTHER RESOLVED: Owners of buildings located in the Downtown Parking
Assessment District that were damaged as a result of the October 17 earthquake may pay
a parking in -lieu fee if the most logical, safe method of restoring the building requires the
construction of additional floor area which is not allowed by current zoning regulations due
to lack of required parking.
FURTHER RESOLVED: The parking in -lieu fee is $16,000 per parking space which
is calculated based on the cost of issuing the bonds for construction as well as the costs
associated with land acquisition, design, inspection and utility undergrounding.
FURTHER RESOLVED: The parking in -lieu fee shall be adjusted annually based on
the Construction Price Index and shall be paid in its entirety prior to the issuance of
Building Permits.
PASSED AND ADOPTED at a regular meeting of the Town Council held on the 7th
day of May by the following vote:
COUNCIL MEMBERS:
AYES: Joanne Benjmain, Eric D. Carlson, Robert L. Hamilton,
Brent N. Ventura and Mayor Thomas J. Ferrito
NAYS: None
ABSENT: None
ABSTAIN: None
/ l
SIGNED:
MAYOR OFT TOWN OF LOS GATOS
LOS GATOS, AI IFORNIA
ATTEST:
CLERK OF THE TOWN OF L GATOS
LOS GATOS, CALIFORNIA
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