2902 COLBY AVE 2018-01-02 MF Import

Page 5 III WHAT AMOUNT OF VEHICLE PARKING SPACE WILL BE NEEDED TO ACCOMMODATE CUSTOMERS AND EMPLOYEES OF THE BASEMENT TENANT FIRM? The length of time that the basement area will he rented or leased to a tenant will depend upon the growth of the Bank's operation. It is anticipated that when the savings volume reaches a total of $30-35,000,000 it will be necessary for the Bank to expand into that basement area. That is expected to occur about 1985. At that time any need by the tenant for customer and employee vehicle parking space will end. In the meantime it is the intention of Fidelity to lease the base- ment area of the proposed new building to a kind of business use that will be compatible with the savings bank. Compatible uses would not include restaurants, taverns or other high traffic businesses. They would include small apparel or fabric retail shops, camera and photo- graphic supply firms, and the like. Also, service businesses such as insurance agencies and accounting firms would be desirable tenants. The total area of the basement is 3,600 square feet. For those kinds of occupancies the city off-street parking code, in areas where provision for vehicle parking is required, calls for three parking spaces plus one for each 400 square feet. That would total 12 spaces to serve the tenant. The upper level of the Diamond parking lot at 2919 Hoyt Avenue faces on the alley at the rear of the property and serves hourly parking customers. Illustration 4 is a tabulation of parking space usage of that upper level during the period of March 19 through March 29, 1979. Of the 75 parking spaces an average of 28.1 were occupied by vehicles at any one time during the study period. The largest number occupied was 45 leaving30 s unoccupied. As stated in the aces p p preceding section, Diamond Parking, Inc. intends to continue to lease and operate the i:- property as a public parking lot. THEREFORE, a very ample number of existing public parking spaces is available and will continue to be at a convenient nearby location for customers and employees of the basement tenant firm. j