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<br />10. <br /> <br />Participation in, and financial contribution to, transportation <br /> <br />systems management e'TSM") plans to minimize the amount of <br /> <br />traffic generated within Redwood Shores; <br /> <br />11. <br /> <br />Construction and maintenance by Flatirons of a series of open <br /> <br />space areas and public pedestrian pathways; <br /> <br />12. <br /> <br />Significant improvements in the tax base of City through (a) the <br /> <br />increase in property tax increment generated through the <br /> <br />construction of the project; (b) the increase in sales tax in the <br /> <br />immediate area through the creation of demand for local retail <br /> <br />services caused by the increase in local employment; and (c) the <br /> <br />stay at the adjacent hotels; and <br /> <br /> <br />increase in local hotel tax generated by having Project visitors <br /> <br />13. <br /> <br />Significant revenues to City and Belmont School District from <br /> <br />school fees and other fees imposed in connection with the <br /> <br />construction of the Project. <br /> <br />I. <br /> <br />The parties acknowledge that Flatirons cannot at this time predict <br /> <br />when or in what order the various Zones (as hereinafter defined) on the Property, as <br /> <br />shown on Exhibit C, will be developed nor can Flatirons predict the precise square <br /> <br />footage of GBFA that will be built in each Zone. These decisions will depend upon <br /> <br />a number of circuIrn;tances not within the control of the Flatirons, including <br /> <br />without limitation, market orientation and demand for the use or uses within the <br /> <br />Project, the condition of capital markets and availability of appropriate financing for <br /> <br />the development of the Project and other similar factors. It is the intent of the <br /> <br />-5- <br /> <br />DV AGR0'3.rxJC <br />August 26, 1996 <br />