STONESON DEVELOPMENT - Laserfiche WebLink

C. City finds and determines as fellows: 1. City has determined by Ordinance No. that it is in the best interests of City to have a multi-department store regional shopping center ("Regional Shopping Center") located within City on the property designated herein as the Shopping Center. 2. The Regional Shopping Center will generate retail sales upon which a retail sales and use tax will be levied by the State of California, and part of the proceeds of which will be received by City. 3. In order to facilitate the construction of the Regional Shopping Center, as well as to provide more convenient access to the local street and freeway systems for the residents of City, it is necessary that certain public facilities and improvements be acquired and/or constructed, which public facilities and improvements are more particularly described in Section II herein below. 4. City recognizes its obligation to pay for those improvements which are its responsibility. 5. In order to pay its share of said improvements City shall form and maintain a Special Fund which shall consist of fifty per cent (50$) of City's share of sales and use tax revenues resulting from retail sales on the Shopping Center. 6. In order to facilitate and expedite the construc- tion of the improvements, Developer and Stoneson are willing to have their property burdened by one or more assessment districts which shall bear the costs and expenses of the construction of the improvements. II. PROJECTS PROPOSED TO BE ACCOMPLISHED BY SPECIAL ASSESSMENT DISTRICT PROCEEDINGS AND OTHER FINANCING A. Recital of general purpose. Developer has an option to purchase from Stoneson the property herein referred to as Shopping Center. Developer proposes to obtain title to said property for - 2 - F