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8A Page 2 Suggested Next Steps: . Council provide feedback to staff in response to attached memorandum, questions in the "Policy Check List", study session discussion, and public comments . Staff will work with the HHCC to develop recommendations for Planning Commission and City Council consideration, incorporating Council feedback into guiding principles for a "Housing Affordability Policy" that could be incorporated into implementation of the Downtown Precise Plan, the update of the General Plan Housing Element, and the Implementation Plan for Redevelopment Project Area No.2 (which should be reviewed by the Agency Board by June, 2006). . Staff will work with the HHCC to develop an incentive policy for initial downtown market-rate housing projects that takes into consideration the current surplus of affordable units under the redevelopment requirements in order to attract market- rate as well as affordable housing development into the downtown. . Staff will bring back a work plan for creating an interim policy (as needed to bridge from Planning Commission and Council actions on the Precise Plan in early 2007 to fully-developed recommendations and policies as described above) and updating the General Plan Housing Element. A status report on the planning effort for transit will come to the Council early in 2007, so a discussion on this aspect of the Precise Plan is not intended for this meeting. The proximity of transit to housing is integral to the fong-term vibrancy of the downtown, and there will need to be discussion about the guiding principle in the Draft Plan for connectivity to and from housing opportunity sites as well as the adjoining neighborhoods and the downtown core. Staff expects that the Council will want to establish some additional policy principles linked to the Plan for the purpose of collaborating with other agencies as alternatives for train track configurations and station modifications are considered. A related policy consideration for discussion in early 2007 is the implications of new development fees and charges on residential development. Staff will be seeking Council direction on the proposed Park Dedication Ordinance and In Lieu Fee, as well as a new Water Capacity Charge, so that new development may pay its fair share of the cost of expanded water supply in Redwood City. Alternatives Provide alternative direction to staff. Fiscal Impact There is no fiscal impact to the City or Redevelopment Agency as a result of this study session and/or any broad, conceptual direction to staff. However, subsequent actions and decisions may have financial and economic consequences, yet to be determined. Pater In"",m ~ Community Development Director Attachments 1. Memorandum to the City Council - Housing Affordability - December 4, 2006 2. Housing Affordability Policy Decision Check List 2of2