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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 />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) The developer records a <br />covenant approved by the Planning Director and the City Attorney , with a copy of this <br />Ordinance, restricting the use of the Project to student housing and committing to <br />complying with the provisions of this Ordinance, including the parking requirement; 2) <br />TLC records a covenant approved by the Planning Director and the City Attorney <br />reserving one off-street parking space in the TLC garage at the southeast corner of <br />California and Wetmore for each habitable unit of the building (which is anticipated to be <br />approximately 100 units); and 3) Footprint submits and the City approves a parking <br />management plan that describes how The developer and/or TLC will ensure that student <br />tenants park in the TLC garage, and discourage their parking in on -street spaces. The <br />covenants shall run with the land for both the Footprint property and the TLC parking <br />garage property, and shall be binding upon any future owner, heir or assign. <br />9. The Project will be restricted exclusively to student housing. The use and the parking <br />requirements established by this Ordinance can be changed only as described in <br />Subsection 6 of this Section (for parking only), or by Council amending this Ordinance <br />upon a finding that such change is in the best long term interests of the community. In the <br />event a new use is proposed, City Council shall have the authority to establish a new off- <br />street parking standard for said use at the time it considers the change in use. <br />Is hereby aiiiended to read as follows: <br />15 <br />