Permanent Public Parking Clause Samples

Permanent Public Parking. The Redeveloper shall construct as an integral part of its mixed use development of the Project Site, a minimum of two hundred forty-eight (248) public parking spaces (“Public Parking Spaces”) in addition to any on-street parking within the Project Site, which may be conventional or automated, and which shall be available to the general public to serve as replacement parking for the two hundred forty-eight (248) surface parking spaces presently provided on the Municipal Parking Lot. The Public Parking Spaces shall be operated and maintained by the Redeveloper in the following manner: (i) The Public Parking Spaces shall be available to the general public at all times and in perpetuity without restriction or limitation except as may be permitted by this Agreement. (ii) The Redeveloper shall have the right to establish the parking rates for all parking spaces within the Project Site, including the Public Parking Spaces; provided, however, the Redeveloper agrees that the rate structure established for the Public Parking Spaces shall be reasonable so as not to inhibit the general public from utilizing said Public Parking Spaces. The Redeveloper shall keep the Public Parking Spaces in good operating condition and in a manner consistent with other comparable public parking in the City. (iii) The Agency, the City and the Redeveloper acknowledge that the Redeveloper will incur substantial costs and expenses in the construction, maintenance and operation of the proposed Public Parking Spaces on the Project Site. The parties further acknowledge that in the event the City establishes parking rates for public parking throughout the City which do not allow the Norwalk Parking Authority to operate on or near a break-even basis and the City is required to provide a Parking Authority Subsidy (as hereinafter defined) to cover such deficiency it would place the Redeveloper at a competitive disadvantage due to the Redeveloper’s need to establish parking rates for the Public Parking Spaces that enable it to recoup the costs and expenses of the construction, maintenance and operation of such Public Parking Spaces. Therefore, the City hereby agrees to use reasonable efforts to cause the Norwalk Parking Authority to set rates for off-street public parking spaces in the City at a level that will not require the City to provide a Parking Authority Subsidy to cover any deficiency for off-street parking in the City. For purposes of this section, “Parking Authority Subsidy” shall mean...