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

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City of Redwood City February 11, 2019 Page 7 • $1 million for Childcare within the Community (we are working with City staff and the community to determine how this contribution is distributed) • $2.25 million toward onsite public amenities • $7.25 million in community philanthropy including: o $500,000 for the Redwood City Education Foundation o $4.8 million for a complete renovation of the Boys and Girls Club in Redwood City. o $500,000 in scholarships for Redwood City Youth. o $250,000 for Reading Partners to support reading education in Redwood City Schools o $1.2 million for the Magical Bridge Foundation o $50,000 for SAL and PAL Economic Benefits to the City The Harbor View project will bring significant economic benefit to the City of Redwood City. In an effort to fully understand and quantify those benefits, Jay Paul Company engaged Sedway Consulting Group to prepare a Fiscal and Economic Impact Study of the project. Highlights of this study include: • $2.1 million net annual increase to the City's General Fund and Capital Outlay Fund. This is over and above the property tax revenue the City will receive that will completely offset the cost of City services provided to the Project. • $3.3 million in annual property tax revenue for the Redwood City Elementary School District • $2.3 million in annual property tax revenue for the Sequoia Union High School District • $34 million increase in annual local spending including $6.8 million in restaurant sales • 4,400 high paying, prevailing wage construction jobs Jay Paul Company is a community minded developer who is committed to the long -tern health and vitality of the communities that we partner with. Our application puts forward a project which entirely conforms with an existing zoning designation established by the City that is appropriate for the project location. Further, the Harbor View project would provide significant ongoing economic benefit to the City while providing significant Community Benefits. To summarize, the DEIR concludes that the significant transportation and traffic impacts generated by the Project are similar to those of a project developed under the existing zoning or the General Plan and the cumulative Air Quality impact is not generated by the uses at the Project, but rather by the fact that we have a requested a general plan amendment. Any