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3.A. - Page 4 of 14 <br />Below are some overarching findings from the analysis: <br />1. New development of all land use types studied (single-family, multi -family, office, industrial and <br />retail) results in a net positive impact on the General Fund. This is true in both "typical" conditions <br />as well as "Covid" conditions; <br />2. Redevelopment of existing uses results in a net positive impact to the General Fund for office, <br />industrial and retail uses but a net negative impact for residential uses. Again, this is true in both <br />"typical" conditions as well as "Covid" conditions. One of the primary reasons existing uses has a <br />net negative impact is due to Proposition 13. Often, existing residential units are being assessed <br />below their current market value for property tax purposes and therefore, the City may not be <br />receiving full market value to offset the total cost for City services to residents; <br />3. Overall, new land uses are more fiscally positive than existing developments of the same use. <br />While similar expenditures exist for both new and existing development, higher property values <br />of new development and therefore higher property taxes are the primary cause of increased fiscal <br />benefits; <br />4. Retail results in the highest net positive impact on the General Fund per unit, with Office also <br />showing a strong net positive impact on the General Fund. Again, this is true in both "typical" <br />conditions as well as "Covid" conditions; <br />Page 4 of 8 <br />..A . <br />City of Redwood City 1017 Middlefield Road, Redwood City, CA. 94063 Tel: 650-780-7000 www.redwoodcity.ore <br />11 <br />