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complete the development of the auto mall without the need for the Agency to purchase property. The Agency could consider adopting a formal policy that after the current eminent domain proceedings are over, it will not purchase further property on Marina Boulevard using the power of eminent domain. Should the Agency adopt such a policy, there are still two important tools that the Agency has to ensure the orderly development of the auto mall. First, the Agency can use its financial abilities to assist new dealerships in acquiring property on Marina, such as the Agency did for Ford and GM. This ensures that current property owners on Marina receive fair compensation for their land and that the Agency will still be able to attract new dealerships willing to take the risk on a new location. Some risk -averse dealers have refused to locate east of Alvarado, while the Developer has expressed a desire to locate a new dealership east of the current auto mall dealerships. Agency assistance may entice other dealers to enter into private transactions to extend the auto mall to the railroad tracks or San Leandro Boulevard and thus provide greater presence and variety for out-of-town shoppers. Second, the S-Overlay zoning ensures that new private developments on Marina Boulevard will be consistent with the quality and theme of the existing auto mall development. The auto mall project has generated or is expected to generate upon the completion of the current dealerships $1.5 to $2 million in direct sales tax alone. This does not include taxable sales unrelated to primary auto sales. This also does not reflect tax increment revenues generated as well which will exceed $4 million over the life of the Project Area. Based on the foregoing, it is the policy of the Agency that: 1. No further property be acquired by the use of the power of eminent domain for Marina Square Auto Center purposes; 2. The S-Overlay zoning district remains the primary land use tool governing this portion of the Joint Project Area; and 3. The Agency's participation will be limited to financial assistance as necessary to make new dealerships financially feasible. JAWPD\NImw\136\001\N isc\Policy Statemen.wpd 4 30