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M. Increase to Maximum Required Parking. If additional parking is sought to exceed these maximum requirements, a conditional use permit can be sought to increase maximums up to 25 percent. In the COR-2 sub -district, an increase of 25% in the maximum number of parking stalls is permitted without the issuance of a conditional use permit if approved as part of the site plan. N. In the COR1 sub -district, a PUMA (Parking Use and Maintenance Agreement) shall be applied to all development as follows: 1. It is the City's intent to maximize development on individual lots. In order to help landowners accomplish this goal, the City will develop public parking ramps, which will be available for public parking within The COR. In order to minimize the amount of the site required for parking, the landowner may choose to enter into the PUMA for utilization of the public parking ramps to meet all or a portion of their minimum parking requirements. 2. In order to ensure that the shared parking within The COR is adequately financed and maintained, the City may require payment of an amount equal to the value of the required parking on a per -stall price basis for ramp parking through the PUMA. Funds collected by the City shall be deposited in a special fund used only to acquire and/or develop off-street parking facilities for the COR. The City will determine the appropriate contribution. 3. Each development shall be subject to a PUMA that specifies that each property in the COR shall be financially responsible for its proportionate share of a shared parking facility. The proportionate share shall be determined on the basis of the property's off-street parking needs, as determined by the parking requirements of Item J above. Financial responsibility shall cover the construction and continuing maintenance of the parking facility. The parking facility may be constructed and maintained by the City or by a private management entity acceptable to the City. Private Streets Private streets may be allowed within residential subdivisions, subject to the standards in Section 117- 112 (e)3.b. of the Zoning Ordinance. Design Framework — The COR Page 16