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I 50 ORDINANCE NO. NS-i~i PAGE FOUR $200,000 per year will be generated by the Project once the 200,000 square feet of retail space, to be constructed in the first three (3) years of develop- ment, is completed. j. The Project will make the City more com- petitive with adjacent communities. k. The Project will provide a residential environment conducive to the business population in that the residences to be developed in the Project will be in close proximity to shopping and major employment centers. 1. Although the Project will significantly increase traffic in the area, the Project will provide important roadway improvements to an area which would probably experience excess traffic regardless of the Project. m. The Project provides $27,689,000 in local and regional circulation improvements that will direct travel around local residential communities. n. The Project will provide landscape improve- ments to increase the City's aesthetic value. o. The Project will provide additional office space within the City which will allow many firms presently located elsewhere to relocate within the City. p. The Project will offer a reasonable mix of offices for high rise office development and low rise office spaces. The Project's design will allow the City to attract large and small employers. q. The Project represents a unique opportunity for the City to attract high quality commercial and business tenants who would otherwise locate else- where in the region, ensuring that the City will retain its fair share of regional economic oppor- tunities. At the same time, the Project is not expected to displace or have a deleterious effect on existing businesses in the City. r. The Project will provide for a hotel to service major businesses in the area. The City will receive hotel occupancy tax of an estimated $500,000 per year once the 225-room hotel is completed.