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9 <br /> Section 2. Requirements. The following requirements shall apply to the subject pilot project: <br /> 1. For purposes of this pilot project"student housing" is a permitted use in the B-3 zone at <br /> the Footprint property on the southwest corner of California Street and Oakes Avenue. <br /> 2. The building is to be used exclusively for approximately 100 units of student housing. <br /> 3. The building shall comply with all requirements of the B-3 zone except as specifically <br /> • <br /> modified in this Ordinance. <br /> 4. The off-street parking standard for student housing shall be one parking space per <br /> habitable unit in the subject building. <br /> 5. For the purposes of complying with EMC 19.34.060.A and EMC 3.78.070D7,the required <br /> off-street parking is authorized in the TLC garage by providing one off-street parking <br /> space for each habitable unit of the Footprint building. <br /> 6. When the Footprint building reaches 90%occupancy for a period of three months, <br /> Footprint shall provide the City a parking monitoring report prepared by a qualified <br /> • <br /> professional with expertise in analysis of parking and transportation,to document <br /> utilization of on-street parking by building tenants, and utilization of off-street parking <br /> spaces reserved in the TLC parking garage. This plan will be reviewed by the City Traffic <br /> Engineer and the Planning Director to determine if tenants are impacting the supply of on- <br /> street parking spaces, and how many spaces are being used in the TLC garage over time. <br /> If utilization is consistently lower over a period of time approved by the City's Traffic <br /> Engineer than required in this Section,the City may reduce the required amount of off- <br /> street parking required in the TLC garage to the number determined by the Planning <br /> Director and City Traffic Engineer to be necessary to provide adequate off-street parking, • <br /> and authorize an amendment to the covenant recorded on both properties accordingly <br /> (provided it is first approved by the Planning Director and City Attorney). <br /> 7. -The Footprint building will be eligible for consideration for the Multiple Family Property <br /> Tax Exemption of EMC Chapter 3.78 with required off-street parking provided in the <br /> TLC parking garage per this Ordinance,provided it meets all other eligibility and design <br /> requirements of EMC 3.78 and of the B-3 zone. <br /> 8. No City building permit will be issued for the Project until 1)Footprint records a covenant <br /> approved by the Planning Director and the City Attorney,with a copy of this Ordinance, <br /> restricting the use of the Project to student housing and committing to complying with the <br /> provisions of this Ordinance,including the parking requirement; 2)TLC records a <br /> covenant approved by the Planning Director and the City Attorney reserving one off-street <br /> parking space in the TLC garage at the southeast corner of California and Wetmore for <br /> each habitable unit of the Footprint building(which is anticipated to be approximately 100 <br /> • <br /> units); and 3)Footprint submits and the City approves a parking management plan that <br /> describes how Footprint and/or TLC will ensure that student tenants park in the TLC <br /> garage, and discourage their parking in on-street spaces. The covenants shall run with the <br /> land for both Footprint property and the TLC parking garage property, and shall be <br /> binding upon any future owner, heir or assign. <br /> 4 <br /> 51 <br />