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7C <br /> would be subject to a larger amount of inbound trips generated by a highly Page 5 <br /> successful retail component. The goal is to find the right balance. <br /> The amount of retail is not the only consideration analyzed in the report. The type <br /> of retail is also a critical companent. The goaf of neighborhood serving retail is to <br /> provide convenience items for project residents and patrans, ultimateiy to reduce <br /> the number of vehicle trips trave(ed and to capture a percentage of disposable <br /> income spending. The report concludes that project residents wou[d need to <br /> spend about 15 percent of their convenience and dining purchases in the <br /> project's proposed retai( space, which is comprised of a 2,500 square foot high <br /> quality restaurant and 7,500 square feet of convenience retail (i.e. coffee shop, <br /> convenience market, etc.). <br /> 2. Fiscal Analysis: This report was preparad by an independent third party City <br /> consultant at the City's directian to determine the potentiai effect of the Peninsula <br /> Park project on City resources. <br /> The Fiscal Analysis, titled Pofenfial Fiscal lmpacts of Peninsula Park on the City <br /> of Redwood Cify, sought to provide an estimate of the project's likely impacts on <br /> City revenues and service costs. The analysis identified the City's budget <br /> revenues and expenditures as well as the project's revenues and expenditures. <br /> In addition to analyzing #he project as proposed, the repart also addresses a <br /> project scenario without the hotel component. <br /> The report concludes that the net fiscal impact of the Peninsula Park project, as <br /> submitted, would be between $1.3 million and $1.5 miifion in added revenues for <br /> the City of Redwood City at full build-out. The praposed hotel is an important <br /> annual contributor to the revenue estimates for the proposed project: it would <br /> generate property taxes, transient occupancy taxes, business license fees, and <br /> franchise fees totaling about $1.1 million per year {73-85°/a of total revenue). <br /> Without the hotel, the Peninsula Park project wauld still produce a positive fiscal <br /> impact for the City of Redwood City; the net revenue is estimated to be between <br /> ��aa,�00 and $400,000 per year. <br /> The requirement to build a hotel, consfiruc#ion schedule, and various other terms <br /> and canditions for the hotel are c�e!'sneated in the Development Agreement <br /> between the City of Redwood City and the Peninsula Park developer. <br /> 3. Schonl Neecis Assessment: Ti his report was prepared by an independent third <br /> party City consuf#ant to determine the potential number of school age children <br /> #hat coufd be associated with the project. <br /> The School Needs Assessment report, titled Pofential Impacfs of Peninsula Park <br /> on Public School Enro!lment, sets out to establish estimates for student yield <br /> rates and school enrallment impacts. Once the student yield rates were <br /> established the report could identify which school districts (i.e. the Redwood City <br /> Schoal District and the Sequoia Union High School D�strict) would be impacted <br /> and to what degree. With the established student yield rates, the report <br /> concludes that the Peninsu(a Park project would likely generate 137 elementary <br /> 5 <br />