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�� � <br /> a. The site is located on the fringe of the City and not very accessible to <br /> Redwood City residents. <br /> b. The nearest homes are across the street on the upper side of the parcel <br /> which is in the County, not the City. <br /> c. The access to the site is limited with parking being an issue. Both Hillcrest <br /> and Upland are very narrow streets. <br /> d. The department's primary focus is adding to the sporting field inventory. <br /> Since this site is quite sloped it is not suitable for a sports field. <br /> e. Park development would cost at least $500,000 (in addition to the estimated <br /> $300,000 to $500,000 it will take to remove the water tanks). Given the site <br /> location, usability and budget limitations their recommendation is to renovate <br /> existing park facilities elsewhere in Redwood City. <br /> Fiscal lmpact <br /> Potential sale proceeds of this land would be one-time revenues. There will also be on- <br /> going property tax revenues from the 8 lots and the improvements that would be built on <br /> them. If the Council decides to sell this property and the eight eventual homes sell for <br /> $2,000,000 each, the total value would be $16,000,000. One percent of this value would <br /> represent the total property tax ($160,000) and if the City's share of this was 18%, the City <br /> would receive an annual increase in property tax of $28,800. Total costs ($250,000) to <br /> conduct the Environmental Review, prepare the Precise Plan, and reimburse the <br /> Redevelopment Agency for engineering costs will be fronted by the City and would be <br /> reimbursed from the sale proceeds. <br /> , <br /> �✓' '�'Y'1, C;✓r ��!�w►.,A � . <br /> „�., Michael Church �I Pa erson E rett <br /> r Planning Manager mmunity Development City Manager <br /> Services Director <br /> Attachments <br /> 1. Location Map <br /> 2. Conceptual Site Plan <br /> 4 <br />