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<br />not meet the shopping needs of residents in the <br />area, which causes them to shop and spend their <br />money in other cities, thereby decreasing the <br />City's sales tax revenue base. <br /> <br />. <br /> <br />4. <br /> <br />The expansion will provide additional employment <br />opportunities. Upon completion of the total <br />permitted development, there is estimated to be in <br />excess of 8,000 jobs created by this project. <br /> <br />5. <br /> <br />The Project will result in a significant increase <br />in tax revenues to the City by way of retail sales <br />taxes, food and beverage sales taxes, and <br />transient occupancy taxes generated by the hotels <br />planned. <br /> <br />Assuming the completion by the year 1990 of the <br />rehabilitation of Bullocks, 370,000 square feet of new <br />retail space, three new major department stores, 350,000 <br />square feet of office space and a 400-room hotel, the <br />project will generate approximately $1 million per year in <br />retail sales tax; food and beverage sales tax of $70,000+ <br />per year; and bed taxes of over $700,000 per year. <br /> <br />. <br /> <br />These revenues may increase significantly over the years <br />should the developer proceed with the maximum permitted <br />development. <br /> <br />In addition to the above, after loan payoff, the Agency <br />will receive in excess of $2.6 million per year in tax <br />increment revenues. <br /> <br />The revenues generated by this project will further enable <br />the City to better carryout its governmental responsibili- <br />ties for the benefit of the public. <br /> <br />Staff is recommending the adoption by the Agency the <br />proposed agreement, and the adoption of the proposed budget <br />and authorization of its implementation by the Redevelopment <br />Commission. <br /> <br />. <br /> <br />Chairman Luxembourger announced that the Agency would now <br />like to hear from those people who desire to address the <br />Agency on this issue. He added that if anyone desires to <br />address the Agency, they should step forward to the podium, <br />give their name and address and limit their comments to five <br />minutes. Chairman Luxembourger requested to hear from those <br />persons in agreement and disagreement with the proposed <br />sale. There being none, he asked if there were any <br />additional comments from staff, or if the Agency members had <br />any questions. <br /> <br />-5- <br />