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Each owner receiving a parking adjustment shall pay an adjustment fee for each space adjusted. The adjustment fee for all parking adjustment districts shall be calculated as follows:

a.The number of spaces adjusted shall be the number of spaces required to be provided in the then current zoning ordinance on the date of granting of any zoning permit or building permit issuance, whichever is first, less any spaces provided on site.

b.The current fee for each adjusted parking space is $5,872.50 per space or $49.50 per month in lieu of the full fee. This fee shall automatically be increased each July 1st in an amount equal to the increase in the San Francisco-Oakland-San Jose Consumer Price Index, All Urban Consumers (CPI-U). The CPI-U annual increases will only affect new adjustments granted after July 1, 1994. Fees established in existing contracts shall not be affected or adjusted by the provisions of this article, and shall remain as established therein through the life of the use permit. (Ord. 3405 § 8, 2008; Ord. 3153 § 7, 1994)