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6.E. - Page 4 of 16
<br />commercial development, pay an affordable housing impact fee on a per square foot basis. As indicated
<br />in the table below, some of the funds collected since 2015 have already been used towards affordable
<br />housing developments. In addition, several developments have provided affordable housing onsite, which
<br />is preferred because units are brought online quicker, but also results in fewer impact fees. Finally, the
<br />City has been collecting Transit Occupancy Tax (TOT) from AirBNB units since August 2018. Per Council
<br />resolution, affordable housing impact fees and TOT taxes on Air BNB units will be used for affordable
<br />housing purposes. Based on approved projects, City staff expects there to be approximately $6.0-$6.5
<br />million in funds available by summer 2019. If development projects currently under consideration are
<br />approved, additional funds will be available in late 2019 or early 2020.
<br />Table 1: Current and Projected Affordable Housing Impact Fees
<br />Funds
<br />Project (Applicant) Received
<br />Funds
<br />Disbursed
<br />Remaining
<br />849 Veterans (Sares Regis) $361,057.78
<br />1629 Main St (Butler) $402,380.00
<br />1512 Stafford * (HIP Housing)
<br />$1,099,000.00
<br />FY 2016-17 Admin Budget
<br />$21,827.75
<br />MidPen Mosaic-Rolison * (MidPen)
<br />$1,100,000.00
<br />1409 ECR (Greystar IV) $1,237,852.00
<br />FY17-18 Admin Budget
<br />$58,644.56
<br />FY18-19 Budget
<br />$77,229.00
<br />851 Main Street (Acclaim) ** $305,000.00
<br />601 EI Camino Real ** (KB Homes) $766,180.00
<br />Current Total: $3,072,469.78
<br />Expected Funds in 2019
<br />Funds
<br />Approved Project Anticipated
<br />$2,356,701.31
<br />Funds
<br />Disbursed
<br />$715,768.47
<br />Remaining
<br />601 EI Camino Real (KB, remaining
<br />amount) $135,080
<br />1548 Maple Street — Strada $4,365,280.00
<br />515 Cleveland Street — Classic $548,600.00
<br />Projected Total (Current + 2019): $8,121,429.78
<br />$2,356,701.31
<br />$5,764,728.47
<br />* 1512 Stafford and MidPen Mosaic-Rolison were acquisition rehabilitation projects where the City
<br />partnered with a nonprofit agency which acquired a market -rate apartment building and deed restricted
<br />the existing units to be affordable for a 55 -year period.
<br />** KB Homes has only obtained building permits for a portion of their buildings, and therefore has not yet
<br />paid the full affordable impact fee. The remaining amount will be paid when their remaining permits are
<br />obtained. Acclaim (851 Main) will also pay another $300,000, however, that will be due before building
<br />occupancy, which is expected in 2020.
<br />Final note: The projected total above does not include AirBNB TOT. The City has collected $157,000 over
<br />4 months of TOT collection, and is projected to have a total of $400,000 by June 2019. If current rates if
<br />City of Redwood City 1017 Middlefield Road, Redwood City, CA. 94063 Tel: 650-780-7000 www.redwoodcity.ore
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