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economic stimulus in the area will generate additional secondary jobs, further boosting the local economy. (6) The Project will increase daytime and early evening population. This will help improve the feasibility, earlier chance of development and likelihood of long-term success of the proposed shopping center across Redwood Shores Parkway. (7) The Project will improve the jobs/housing balance at Redwood City. Currently, Redwood City contains more residents than jobs, an imbalance that adds to traffic congestion. Future plans for Redwood Shores include significant increases in housing stock. By providing jobs in the area, the Project will help to correct this imbalance, which will, in turn, mitigate traffic impacts by reducing "out commuting." Improvements to the existing public walkway/bicycle pathway network will also help to minimize traffic impacts. (8) The Project site is already zoned for office development; therefore, any development on this site would generate impacts. Because a single owner has developed a master plan for the entire site, and has entered into a development agreement with the City, the City is assured that exactions and reslriction can be imposed. This will eliminate impacts that might occur if multiple owners developed the Project site in a piecemeal, disjointed manner. (9) The Project will help to mitigate traffic problems in the area through a number of exactions and requirements, including the following: (1) the Project will participate in a proposed traffic assessment district; which will require commercial (but not residential) properties to contribute funds for traffic improvements; and (2) the Project will provide the right-of-way for the Shoreline Drive extension, and will advance the funding for the roadway improvements for the extension, which will provide relief for circulation and traffic impacts beyond those needed to offset the impacts of the Project. In addition, a single-user "high tech" company is likely to generate significantly less peak hour traffic than would traditional occupants of office developments. (10) Pursuant to the Development Agreement for the Project, the Project applicant has agreed to pay the City $400,000 to use for purposes benefiting the Redwood Shores community. Half of this fund ($200,000) shall be expended for a permanent fire station in Redwood Shores, while the remaining $200,000 shall be used to fund a community center or for any other community purpose that the City determines to be appropriate. -43 - GIDEIRFD.DOC 7/23/96 5:44 PM