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7.1.A. - Page 18 <br /> revenues. For FY 2012 -13, due to insufficient funds in the ERAF, Redwood City did not receive $1.3 million of <br /> Triple Flip revenues owed. The State ultimately made the City "whole" through an appropriation in the State's FY <br /> 2014 -15 budget. Once again for FY 2013 -14, there are insufficient funds in ERAF leading to a shortfall in Triple <br /> Flip revenue that is estimated to amount to $478,000 for Redwood City. The County is requesting that the State <br /> once again include an appropriation in the FY 2015 -16 budget to make the cities and counties whole. <br /> Successor Agency to the Redevelopment Agency <br /> As Successor Agency, the City is focused on the disposition of the $10 million in funds that had been in the <br /> possession of the former Redevelopment Agency which were earmarked for below- market housing. The control of <br /> these funds has been in dispute with the State of California Department of Finance since the Redevelopment <br /> Agency was dissolved in FY 2011 -12. <br /> The City filed suit against the State challenging the State's position that these funds are unencumbered and must <br /> be remitted to the County Controller. Although the State prevailed in the Superior Court trial the City's legal team <br /> does not agree with the Court's decision and has filed an appeal. We expect that the appellate court will render a <br /> decision in the next six to 12 months. <br /> Long -Term Financial Planning <br /> Economic development remains a priority of the City Council. With the State mandated demise of its <br /> Redevelopment Agency, the City continues to move private development forward through thoughtful and <br /> innovative planning, efficient use of its capital improvement program, and by enabling development of City - <br /> owned property. <br /> Zoning changes to encourage mixed use residential /commercial and high density housing in certain areas reduce <br /> the time -to- market for these desirable projects. Additionally, through these zoning designations the City creates <br /> Priority Development Areas (PDAs), which focus on improving the linkage between jobs, housing, and transit. <br /> Most significantly, grant funding from the Metropolitan Transportation Commission is overwhelmingly provided to <br /> cities with PDAs. Redwood City has three such areas, providing the City access to valuable transportation funds <br /> for pedestrian and vehicular improvements in and around the Downtown. <br /> Essential to the development community is surety of process and predictability of time to market. Since the <br /> adoption of the Downtown Precise Plan in 2010, the City has improved its project review efforts by better <br /> integrating Engineering, Planning, Building, and Public Works Services. Efficiencies in plan review and permitting <br /> enable the City to process development permits for large projects in the Downtown in just over three months <br /> from submittal to approval. <br /> In August 2013 the City Council approved a Disposition and Development Agreement for the development of the <br /> City's Block 2 property, located along Middlefield Road. The City's sale of this property closed in October 2013 and <br /> construction of the Crossing 900 office building started shortly thereafter. The project, on schedule to be <br /> completed in June 2015 and already fully leased, will bring 900 to 1,200 new employees to support downtown <br /> retail businesses. In addition, 900 new public parking spaces will be available nights and weekends to support the <br /> evening and weekend live and movie theatre scenes. <br /> In October 2014, the City approved a Property Disposition Agreement with Greystar for the sale of City property <br /> for inclusion in a housing project. The property was acquired in 1997 to assist in the construction of the Jefferson <br /> Street undercrossing project. The remnant parcels were jointly owned with Samtrans, whose approval for the sale <br /> was required. The City's sale of this property was consistent with its goals of providing housing proximate to <br /> transit and other amenities (it is adjacent to the Redwood City Caltrain station, bus routes along El Camino Real, <br /> and the Sequoia Station shopping center) as envisioned in the General Plan and the Downtown Precise Plan. <br /> Additionally, the City's share of the proceeds provide additional funds for reinvestment into other housing <br /> projects. <br /> iv <br />