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(4) A statement of the public purposes for the economic development subsidy. <br /> <br />The property at 1901 W Walnut has been vacant for over 15 years. Development of <br />the site as a microfarm would bring positive community benefits to the area that <br />include: 1) making organic produce and other healthy options more available in the <br />local neighborhood, 2) implementing a membership-based model to provide monthly <br />baskets of vegetables, fruit and other garden products to members at a low cost, 3) <br />creating worker cooperative jobs, 4) encouraging participation from local residents <br />which can contribute to the local neighborhood economy, civic engagement, and <br />prevention of costly health conditions including obesity and mental health illnesses. <br /> <br />(5) The net tax revenue accruing to the local agency as a result of the economic <br />development subsidy. <br /> <br />Property tax revenue to the City is anticipated to be approximately $1,500 per year. <br />No sales tax revenue would be generated as a result of the economic development <br />subsidy as the sales for a microfarm with organic produce would not be subject to <br />sales tax. <br /> <br />(6) The net number of jobs created by the economic development subsidy, broken <br />down by full-time, part-time and temporary positions. <br /> <br />Upon completion of the micro-farm, the project will create approximately 5 full-time <br />jobs, 10 part-time jobs, and 10 temporary positions within the next five years. <br /> <br /> <br /> <br />EXHIBIT 1