AgdaPkt 2015-01-12 Joint SA Amended

Browse Search

7.1.A. - Page 19 The first phase of development under the Downtown Precise Plan has included a number of housing developments. In 2013 permits were issued for projects at: 145 Monroe Street (305 units), 601 Main Street (196 units), 525 Middlefield Road (471 units), 735 Brewster Street (18 units), and 439 Fuller Street (133 units). The projects are currently under construction and scheduled to be completed in 2015 or early 2016. An additional 175 unit development (103 Wilson Street) was approved by the Planning Commission in October 2014 and is expected to be under construction in 2015. Recently, applications for five (5) downtown office developments have been submitted totaling approximately 500,000 square feet. City staff is currently analyzing these applications to determine what can be accommodated under the parameters for the Downtown Precise Plan and associated Environmental Impact Report. The Inner Harbor Specific Plan Task Force completed its work in May 2014. The City Council accepted the report and directed staff to proceed with preparation of a Specific Plan and Environmental Impact Report (EIR). The Plan and EIR are anticipated to be complete for City Council review in mid 2015. Consistent with the vision of the Inner Harbor Task Force for development in the Plan Area, plans have been submitted for City review for two projects, one an office development of approximately 1.1 million square feet and the other a residential project with approximately 160 units. The City Council approved the Stanford in Redwood City Precise Plan and Development Agreement in September 2013. These approvals set the stage for the transformation of the 1960s era Ampex corporate campus into a modern office development focused on Stanford's non - academic office needs. The development at build -out will move the 35 -acre property from one containing 500,000 square feet of buildings to one with 1.5 million square feet of Class A office space. On November 17, 2014, Stanford provided $300,000 as the first of its contributions to the community in support of the City's educational and multi - generational programs. Stanford has also provided two public speaker programs for the community and its first entrepreneur bootcamp program was started in the fall of 2014. Stanford's overall commitment to the City is $15 million in community benefits. Relevant Financial Policies In April 1999 the City Council adopted a policy targeting the unreserved portion of the general fund's fund balance designated for subsequent year's expenditures to fall within a range from 15% to 20% of anticipated general fund revenues. As a result of implementing GASB 54 these amounts are now reported under the category "Unassigned Fund Balances" under the subcategory "City Council directed minimum balance." Appropriation Limit Article XIIIB of the California State Constitution, which became effective in FY 1979 -80, and which was modified (by Proposition 111) in November 1989, establishes, by formula, an appropriation limit for governmental agencies. Using the appropriations of FY 1978 -79 as the base year, the limit is modified by the change in the composite consumer price index, population, and the value of commercial property development within the City limits during each fiscal year. Article XIIIB also sets the guidelines as to what is to be included in the appropriation limits. The appropriation limit for Redwood City for FY 2013 -14 was at $548,582,152 while the actual appropriations subject to the limit amounted to $72,200,000. The increase from FY 2012 -13 is primarily due to the increase (5.12 %) in per capita income, one of the factors used in calculating the change in the appropriation limit. v