Agmt98 Pacific Shores Center - Laserfiche WebLink

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the Existing Approvals, subject to the terms and conditions of this Agreement, will provide for orderly growth in accordance with the policies and goals set forth in the General Plan, including provision of recreational amenities of citywide benefit and a commitment to contribute to measures necessary to meet local and regional traffic needs. G. In addition, numerous other monetary and non-monetary public benefits will be derived from the Project when fully developed, if the Project is annexed to the City. These include: 1. Development and maintenance of a major new Waterfront Park and Playfields for public use and enjoyment; 2. Mitigation by Pacific Shores of its own traffic impacts and contribution by Pacific Shores to both local and regional traffic facilities to meet needs associated with cumulative growth and development; 3. Enhancement of the position of Redwood City as a technology capital of the Bay Area; 4. Creation of primary and secondary employment opportunities in the form of at least 4,000 permanent jobs, a significant number of construction jobs during buildout and other jobs generated by Lht: prt::St:H~t: of a well-educated and highly compensated workforce, including but not limited to, the multiplier impact creating demand for retail and other support services in the area ; 5. Development of an innovative project which incorporates the highest quality architectural solutions, building materials and landscaping concepts and supportive amenities for a workplace environment; 6. Development of innovative transportation systems management ("ISM") plans to minimize the amount of traffic generated by the Project; 7. Significant enhancements to the tax base of the City through (a) the increase in property taxes; (b) the increase in sales taxes in the immediate area both through the creation of demand for local retail services caused by the increase in local employment and by sales of products by occupants of the Project; and (c) the increase in local hotel tax generated by having Project visitors stay at the nearby hotels; and 8. Significant revenues to City and Itedwood City School District £rom school fees and other fees imposed in coIlllection with the construction of the Project. H. The parties acknowledge that Pacific Shores cannot at this time predict when or in what order the various Building Parcels on the Property, as shown on Exhibit B~l, will be developed nor can Pacific Shores predict the precise square footage of GBF A that will be ., \OOC,..."..",""",CIT't ."". 2 ".""c'."" AT IS,..