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C. City finds and determines as follows: <br /> <br /> 1. City has determined that it is in the best interests of <br />City to have a multi-department store regional shopping center ("Regional <br />Shopping Center") located within City on the property designated herein <br />as the Shopping Center. <br /> 2. 'The Regional Shopping Center will generate retail sales <br /> upon which a retail sales and use tax will be levied by the State of <br /> California, and part of the proceeds of which will be received by City. <br /> 3. In order to facilitate the construction of the Regional <br /> Shopping Center, as well as to provide more convenient access to the <br /> local street and freeway systems for the residents of City, it is necessary <br /> that certain public facilities and improvements be acquired and/or con- <br /> structed, which public facilities and improvements are more particularly <br />~described in Section II herein below. <br /> 4. City recognizes its obligation to pay for those improve- <br /> ments which are its responsibility under this agreen~ent~ <br /> 5. In order to pay its share of said improvements City shall <br /> form and maintain a Special Fund which shall consist of fifty per cent <br /> (50%) of City's share of sales and use tax revenues resulting from <br /> retail sales on the Shopping Center° <br /> 6. In order to facilitate and expedite the construction of <br /> the improvements, the property owners have permitted their property to be <br /> burdened by one or more assessment districts which shall bear the costs <br /> and expenses of the construction of the improvements- <br /> <br />-2- <br /> <br /> <br />