Exhibit 4.2

Payment In-Lieu-Of Parking for Residential & Non-Residential Uses

(1)     Developer’s option:  In lieu of providing up to but not more than twenty-five percent (25%) of the parking spaces required for residential and non-residential uses located in the Davie CRA Redevelopment Area, a developer may pay into the Davie Payment in Lieu of Parking Trust Fund a sum of money that is the product of the number of parking spaces required but not provided and the current cost to provide a single parking space in the CRA Redevelopment Area.

(2)     Computation of cost to provide parking space.  Effective January 1, 2004, the cost to provide a single parking space in the CRA Redevelopment Area shall be $2,500.00.  Effective October 1, 2004 and every October 1 thereafter, the cost to provide a single parking space in the Davie CRA Redevelopment Area shall be recomputed by the City as the product of the existing cost and a 5% annual increase.

(3)     Davie Payment in Lieu of Parking Trust Fund established.  The Davie Payment in Lieu of Parking Trust Fund account is hereby established into which shall be deposited all payments made by developers pursuant to this section.  Monies deposited into said account shall be used by the City for the exclusive purpose of paying the cost of construction or reconstruction of parking spaces in the Davie CRA Redevelopment Area.  Said cost includes the cost of all labor and materials, the cost to acquire all lands, property, rights, easements, and franchises acquired, the cost of financing charges, the cost of interest prior to and during construction and, for one (1) year after completion of construction, discount on the sale of municipal bonds, the cost of plans and specifications, surveys of estimates of costs and of revenues, the costs of engineering and legal services, and such other costs and expenses necessary or incident to determining the feasibility or practicability of such construction or reconstruction, administrative expenses, and such other expense as may be necessary or incident to the construction or reconstruction of its financing.

(4)     Time of payment.  Payments made pursuant to this section shall be made prior to the issuance of a building permit for any portion or phase of a development project to which the parking spaces that are required for a non-residential use but are not provided relate.

(5)     Reimbursement.  For developments that provide dedicated, public parking spaces over and above the required minimum parking, the developer may be reimbursed a sum of money equal to the product of the excess spaces and the current reimbursement cost.  The determination of such excess public spaces shall be subject to the following conditions:

a.      The public parking spaces shall be readily apparent to the public and have direct access to a public way.  At no time shall the use of these spaces be limited by liftgates, traffic cones, or other means.

b.      A reasonable minimum number of contiguous public spaces, sufficient to be easily interpreted as a public parking amenity, shall be provided.  This reimbursement is not intended for the odd one or two excess spaces that may result in a particular development layout, but rather, is intended to reimburse a concerted effort to add to the public parking pool

c.      The quantity and suitability of such excess public parking spaces is subject to the review and determination of the Davie Community Redevelopment Agency.  

(6)    Computation of amount of reimbursement.  Effective January 1, 2004, the amount reimbursed for providing a single public parking space in the CRA Redevelopment Area shall be $5,000.00.  Effective October 1, 2004 and every October 1 thereafter, the amount reimbursed for providing a single public parking space in the Davie CRA Redevelopment Area shall be recomputed by the City as the product of the existing cost and a 5% annual increase.  Reimbursement shall be subject to available funds in the Parking Trust Fund.  Notwithstanding the foregoing, the Davie CRA may elect to provide reimbursement independent of the availability of funds in the Parking Trust Fund.

(7)     xcess Parking.  A development may construct parking in excess of that which is required by this code in its project and may lease or sell the excess parking on a long term basis to a second development within one quarter mile in which the development is located.  The leased or purchased parking may be used in meeting the parking requirements under this code by the second development.