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