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<br /> SWC:sh 7/26/85 <br /> will generate increased property taxes to the City <br /> of Redwood City of approximately Two Hundred <br /> Ninety-Two Thousand Dollars ($292,000) (based upon <br /> 1975 estimates) . In addition, the property tax <br /> revenues payable to GID 1-64, based upon 1975 <br /> estimates, will be over 1.6 million dollars. (EIR <br /> p.164) . <br /> (2 ) The Agreement will insure that the Project site is <br /> developed in a well-planned manner, will not be a <br /> fiscal burden to the City or the District, and <br /> will create a positive image of the City for the <br /> attraction of future planned development in the <br /> City of Redwood City. <br /> (3 ) Approval of the Agreement will provide a <br /> reasonable balance between the exercise of private <br /> property rights by the land owner, and the <br /> interests of the public in mitigating the effect <br /> upon the environment of the exercise of such <br /> rights. <br /> SECTION 2. In consideration of the foregoing findings, this <br />Council hereby concludes and declares that the agreement entitled <br />"Development Agreement (GID 1-64)" by and between the City of <br />Redwood City, for itself and on behalf of General Improvement <br />District No. 1-64, and Westport Investments is consistent with <br />the General Plan of the City of Redwood City, and should be <br />approved. <br /> SECTION 3. The aforesaid Agreement, a copy of which is on <br />file in the office of the City Clerk, and to which copy reference <br />is hereby made for full particulars thereof, is hereby approved, <br />and the City Manager and President of the Board of Directors of <br />General Improvement District No. 1-64, are hereby authorized to <br />execute the aforesaid agreement for and on behalf of the City and <br />District, respectively. <br /> SECTION 4. The City Clerk shall cause a copy of this <br />ordinance and of the Agreement to be recorded in the office of <br /> 7 <br /> 191 7 <br /> _n.__·_ -'~.- <br />