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<br /> SWC:sh 5/16/86 <br /> SWC:djc 5/19/86R <br />traffic generated by the Project or by other development outside <br />the jurisdiction and control of the City of Redwood City. <br />(k) The aforementioned traffic effects and any other <br />remaining unavoidable significant effects on the environment not <br />hereinabove or in the EIR addressed as having been reduced to an <br />acceptable level shall be, and hereby are, found acceptable by <br />reason of the overriding considerations hereinafter described. <br />(1) This Council has balanced the benefits of the proposed <br />Project against the aforesaid unavoidable environmental risks in <br />determining whether to approve the Project. This Council hereby <br />finds that the following overriding considerations require <br />approval of the Project notwithstanding the occurrence of the <br />aforesaid significant effects which cannot reasonably be <br />mitigated: <br /> (1) The Project will strengthen the local and regional <br />economic base, and stimulate the local and regional economy <br />through the creation of new businesses and employment <br />opportunities in that it provides for substantial <br />commercial, office, and research and development activities. <br />Such economic support is necessary to meet both present and <br />future population demands locally and regionally. The <br />Project would create in the range of 6,710 jobs (Draft EIR <br />at page 116) . The Project would have a projected market <br />value of $138.7 million. (Draft EIR at page 121). Annual <br />property tax revenues would be about $1.38 million, of which <br />about $254,500 would accrue to Redwood City (id. ) . The <br />hotel would generate about $304,000 annually in transient <br /> 10 <br /> --_...... <br />