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7. Parking Mainte.n, anee Costs. FOr pta-poses of this Agreement, the term "Parking
<br />Maintenance Costs" means all costs and e~penses that the City incurs to operate, maintain, repair
<br />and replace Parking Improvements, including, but not limited to, costs associated with snow
<br />removal, insurance, security, elevator maintenance and repair, lighting, landscaping, signage,
<br />parking control facilities and staff and c0ntrib~tions to a reserve fund for future maintenance,
<br />repair and replacemeu[ costs. Parking Maintenance Costs include both amounts the City pays to
<br />third parties to operate, maintain, rePair and replace Parking Improvements; the amounts, if any,
<br />the City pays to third parties' to operate the Parking Improvements and administer this
<br />Agreement; and the fair market Value of any services provided by City employees in comxection
<br />with the operation, maintenance, repair or replacement of Parking Improvements or the
<br />administration of this Agreement. Parking Maintenance Costs will also include periodic
<br />contributions to a reserve fund the City establishes to provide a source of funds for major repairs
<br />and renovations. :
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<br /> 8. Budlget~of Parking Maintenance Costs. On or before the date thirty (30) days
<br />prior to the opening of the first Parking Improvement, the City staff must prepare and the City
<br />Cotmcil must approve a proposed budget of anticipated Parking Maintenance Costs for the
<br />calendar year in which: the first Parking Improvement is opened. Thereafter, the City staff will
<br />prepare and the City Council will approve, on or before November 30 of each calendar year, a
<br />proposed budget anticipated Parking Maintenance Costs for the next calendar year. A pro fmTaa
<br />budget for 2006, the year the City anticipates completing the Parcel No. 1 Ramp, and a pro-
<br />fonTta budget for 2007, the year the City anticipates completing the Parcel No. 2 Ramp, are
<br />attached as Exhibit D and E, respectively.
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<br /> 9. ChargeS~ for Park, i~ng MaiqtenanCe Costs. On or before the date thirty (30) days
<br />prior to the opening of the first ]Parking ImprOvement, the City Council will adopt a resolution
<br />allocating the budgeted Parking .Maintenance Costs for that calendar year among the Parcels.
<br />Thereafter, the City Council will, on or before November 30 of each calendar year, adopt a
<br />resolution allocating the budgeted parking Maintenance Costs for the upcoming calendar year
<br />among the Parcels. Tlie allocations Will be based on the budgets described in Section 8 above.
<br />The share of the anticipated annual Parking Maintenance Costs the City allocates to each Parcel
<br />for a given calendar year will be determined my multiplying the Parcel's "Allocated Share," as
<br />determined pursuant to Section 10 below, ~by the budgeted Parking Maintenance Costs for that
<br />calendar year.
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<br /> I0. Determigation of Ea.~h POrcel!s Allocated Share. Each Parcels "Allocated
<br />Share" is set forth in the Parking Plan and is .a fraction, the numerator of which is the number of
<br />parking spaces assigned to that Parcel in the parking Plan and the denominator of which is the
<br />total number of parking spaces in the parking Improvements. The Parking Plan reflects the
<br />number of parking spaces the Parking Improvements will contain based on the current design of
<br />the Parking Improvements. If the parking Improvements, as actually constructed, contain more
<br />or fewer parking spaces, the City and the Developer must work together in good faith to amend
<br />the Parking Plan to reflect the actual number of parking spaces in the Parking Improvements;
<br />provided, however, if City and the Developer are unable to reach an agreement the City may, for
<br />purposes of determining each Parcel,s Allocated Share, unilaterally make such an amendment.
<br />Each time the Parking Plan is amended in a manner that modifies the Allocated Share assigned to
<br />any Parcel, the amendment must describe when sUch modification is effective for purposes of the
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