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6.1.E. - Page 1 <br />REPORT <br />To the Honorable Mayor and City Council <br />From the City Manager <br />June 11, 2018 <br />SUBJECT <br />Financial Support to MidPen Housing for Development of a Childcare Center at Arroyo <br />Green, 707 Bradford Street <br />RECOMMENDATION <br />1) Adopt a resolution approving an appropriation amendment transferring $700,000 <br />from the unassigned portion of the City's Community Benefits Fund to the Community <br />Development Administration Fund to support the development of a childcare center at <br />Arroyo Green, 707 Bradford Street <br />2) By motion, direct City staff to prepare and authorize the City Manager to execute any <br />documents and/or agreements necessary to effectuate the transfer of such $700,000 to <br />MidPen Housing <br />BACKGROUND <br />Although the City does not currently have a specific child-care development impact <br />fees, certain development agreements and conditions of approval have required <br />payment of funds specifically intended for the construction of new childcare centers in <br />Redwood City. Over the past two decades, contributions totaling $710,360.17 were <br />received from three development projects as result of development agreements or other <br />in -lieu payments: <br />• Lincoln Properties-- $189,787.25 <br />• Irvine Apartments - $122,322.92 <br />• One Marina Hotel - $398,000.00 <br />The One Marina contribution was received in January 2018, increasing the fund to an <br />amount significant enough to help develop a new childcare center. The available funds <br />are summarized in Attachment 1. <br />The City's Bradford Street property at 707-711 Bradford Street was first studied as a <br />childcare site over fifteen years ago, before Redevelopment Housing funds were used <br />