AgdaPkt 2019-02-11 Joint SA PFA - Laserfiche WebLink

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City of Redwood City February 11, 2019 Page 6 the Project, combined with cumulative development in the Project vicinity and citywide would not result in a significant impact on population, housing and employment. Further, in Section 4.11.7 Jobs/Housing Balance, the EIR discusses for informational purposes only the impact of the Project on housing demand and concludes that new housing demand resulting from new Project employees wanting to live in Redwood City (2043 units) or elsewhere throughout the County could be adequately addressed in part by the anticipated housing units expected to be developed by 2040. Recognizing the need for affordable housing, the Project has pledged a contribution of $12.4 million to the St. Francis Center to be used for the creation of affordable housing units within the community and the Project will work with the City to create an Affordable Housing Plan to immediately deliver affordable units within a new housing project in the City currently being developed by Jay Paul in lieu a cash payment for the Project's required housing mitigation fee. 4.1.5 Aesthetics The DEIR concludes the Project results in no significant impacts to any aesthetic criteria requiring CEQA analysis and requires no aesthetic mitigation. This includes any impacts associated with the proposed height of the buildings. Community & Economic Benefits When considering the impacts of the Project identified by the DEIR, we hope that you also consider the benefits the Project would bring the City of Redwood City including $45.55 million in Community Benefits: • $5.3 million to jumpstart the Woodside/101 interchange project (our original $10 million offer reduced by a newly identified mitigation fee of $4.7 million) • $17 million loan to the City to prefund the shortfall for construction of the Blomquist Bridge and Street Extension resulting in an opportunity cost of $8 million to Jay Paul and considerable uncertainty of when or how we will be reimbursed while additional funding sources are identified. • $2.1 million for Blomquist Street and Old Seaport enhancements including a bike new paths to the Chestnut street undercrossing. • $5 million for the development of an Inner Harbor public park to provide all Redwood City residents better access to the Bay and new sports and recreation facilities. • $2.25 million for an East-West public shuttle available to all Redwood City residents at no charge • $12.4 million donation to the Saint Francis Center to be used toward the creation of permanently affordable housing units (this contribution is in addition to our housing impact fee)