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that each individual reason is sufficient by itself. The substantial evidence supporting the various benefits can be found in the preceding findings, which are incorporated by reference into this Section II, and in the documents found in the Record of Proceedings, as defined in Section I.D. D. Benefits of the Proposed Zone The City Council has considered the SEIR, the public record of proceedings on the proposed Zone and other written materials presented to and prepared by the City, as well as oral and written testimony received, and does hereby determine that implementation of the Zone as specifically provided in the project documents would result in the following substantial public benefits: 1. The Proposed Zone Would Provide Substantial Economic and Fiscal Benefits to the City of Pleasanton Implementation of the proposed Zone would result in substantial economic and fiscal benefits to the City, including a considerable new volume of taxable sales, increased property values, and employment of up to 678 full time employees as well as temporary construction workers. The fiscal impact analysis prepared on behalf of the City for the effects of the Zone indicates that, on a worst-case basis, businesses anticipated to be established within the Zone are anticipated to generate a projected $1.4 to $1.7 million annual contribution to the City's General Fund at the completion of the first phase (which includes the club retail and hotel uses). This net revenue estimate increases to $2.1 to $2.3 million annually upon full buildout of the Zone. At full buildout these net fiscal revenues represent an annual contribution equivalent to approximately 2.1 percent to 2.3 percent of the City's General Fund expenditures. (Note these revenue estimates do not include any City contributions to the traffic improvements required by the Zone.) The City's General Fund is the primary funding source for the construction, operation and maintenance of a number of essential City services, programs and facilities, including fire and police services, recreation programs, library services, and administrative functions, among other services. In addition, property taxes generated from the Zone would provide approximately $277,440 in annual revenue to the Pleasanton Unified School District (PUSD) and approximately $30,440 in annual revenue to other schools. The Zone would also generate one-time supplemental taxes of approximately $42,725 to the PUSD and $4,690 to other schools. The fiscal impact analysis also assessed the impact of development within the Zone on businesses in the City, including the downtown area. The analysis indicates that impacts generated by the Zone on the market area's existing retail environment would be limited. The economic analysis concluded that Phase I sales in the Zone (i.e., the sales resulting from a club retail use and a limited amount of general retail uses) could result in a decrease in annual sales by existing market retailers of approximately $26.7 million, or 0.9 percent of the market area's existing $3 billion in annual retail sales, which is considered to be a nominal impact. Based upon these findings, the analysis concluded that implementation of the Zone would not cause or contribute to urban decay. 62