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neither the applicant nor the City have the ability to reduce. Greenhouse Gas Emissions impacts stem from approximately 60 percent of the GHG emissions being generated by vehicle trips. Neither the applicant nor the City can substantively or materially reduce the vehicular -source GHG emissions. Lastly, Transportation impacts stem from the project's requirement to pay fair share funds to improve right -turn overlap phasing at the intersections of Grand and Warner avenues and Redhill and Alton avenues, calculated at 5.93 and 8.57 percent, respectively, and to construct or fully fund right -turn overlap phasing at the intersection of Redhill Avenue and Barranca Parkway. As a result of these impacts that cannot be mitigated to a less than significant level, adoption of a Statement of Overriding Considerations is required prior to approving the project. A Statement of Overriding Considerations is the process through which decision makers balance the economic, legal, social, and technological or other benefits of the proposed project against its unavoidable environmental impacts. Economic Development The City utilized the services of AECOM to prepare an economic and fiscal analysis of the proposed project and to compare its impacts again those of an industrial prototype that could be built pursuant to the M-1 zoning district standards on the project site. The analysis reviewed key areas including residential, industrial, and retail market assessments; development feasibility; and economic and fiscal impacts of the project. AECOM's analysis reveals positive economic and fiscal impacts from either the proposed development or the industrial prototype due to the project site's location in a high -value, jobs -rich area surrounded by employment centers and commercial developments. The report's conclusions about the proposed project and the industrial prototype are illustrated in Table 6. Table 6: Kev Findings of the Proposed Project and Industrial Prototype Comparison of Impacts Topic Proposed Project Industrial Prototype Residential Market The proposed quantity of residential units N/A — Residential not permitted by current M- Assessment could be absorbed with low vacancy and 1 zoning designation high rents Industrial Market N/A —The proposed project does not contain The industrial prototype (up to 320,000- Assessment industrial buildings or uses square foot light industrial office/industrial building) could be absorbed into the broader market, as the expected incremental demand for new industrial square footage by 2026 is 2.2 millionsquare feet Retail Market The proposed 80,000 square feet of leasable N/A —The industrial prototype does not Assessment commercial square footage could be contain a significant commercial component absorbed by the market area due to the as commercial uses are limited by the M-1 buildout anticipated within a two-mile market zoning designation area Development $65 million ($100/square foot of land) $17 million ($26/square foot of land) Feasibility/Residual Land Value RLV Economic Impact $498 million in one-time construction $76 million in one-time construction impacts, impacts, $58 million in annual economic $153 million in annual economic impacts, 75C-407