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Property in accordance with the Existing Development Regulations, and the <br />Existing Approvals (as said terms are defined in the Development Agreement), <br />subject to the terms and conditions of the Development Agreement, will provide <br />for orderly growth in accordance with the policies and goals set forth in the <br />General Plan; and <br /> <br /> WHEREAS, monetary and non-monetary public benefits will be derived <br />from the Project when fully developed. These include: <br /> <br /> (a) Installation of long-needed infrastructure improvements that will <br />improve traffic circulation within the neighborhood; <br /> <br /> (b) Improvements in the tax base of City through the increase in <br />property tax increment generated through the construction of the Project; <br /> <br /> (c) Additional revenues to Redwood City School District from school <br />fees and other fees imposed in connection with the construction of the Project; <br />and <br /> <br /> WHEREAS, It is the intent of the parties that Applicant's obligations with <br />respect to all Exactions (as said term is defined in the Development Agreement) <br />shall be fixed as of the Effective Date of the Development Agreement, except as <br />set forth in the Development Agreement, and that there will be no alteration in <br />the basis or manner for computation of any existing Exaction, no increase in any <br />existing Exaction, or the imposition of any new Exaction in connection with the <br />development, construction, use or operation of the Project on the Property after <br />the Effective Date, except as expressly provided in the Development Agreement. <br /> <br />050802-FXS <br /> <br /> <br />