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(2) Although the Project will have significant impacts on the environment, as identified above, these impacts were all identified by the City during the General Plan approval process and have been taken into account by the City during its planning process. (3) The impacts of the Project on adjacent properties, especially residential uses, will be minimized. Compared with a previously-proposed master plan for the same property, the Project virtually eliminates shadows and lighting impnet~ nn adi.~ll2.~t re~j~tj~l nej.~horhnod~, (4) The Project will enhance the City's image as the "software capital" of the Bay Area. Oracle, the largest software database company, is already located in the City. Electronic Arts, the Project applicant, is the largest independent U.S. software company in the interactive entertainment industry. The location of both of these companies in the City will help to promote the City's image and may help to create a critical mass that encourages other computer-related ventures to locate in the City. (5) The Project will create significant primary and secondary employment opportunities. Significant construction job opportunities will be created by the development of the $100 million Project. At full buildout, the Project will house approximately 3,000 "white collar" jobs, providing well-compensated positions for a well-educated workforce. The resulting 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 mm, 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 -41- EAFNDCaCC.DOC 7/I 1/96 9:56 AM