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7A <br />Page 10 <br />This Council has weighed the benefits of the proposed Project against its unavoidable <br />environmental risks and adverse environmental effects identified in the FEIR and hereby <br />determines that those benefits, as outlined below, outweigh the risks and adverse <br />environmental effects and, therefore, further determines that these risks and adverse <br />environmental effects are acceptable. <br />A. Providing New Housing. A stated objective of the Project is to provide <br />housing concentrated in the Downtown. The Project, in concert with the City's <br />Draft General Plan Housing Element, is intended to provide for the expansion of <br />city housing choices by encouraging compact, transit-accesible, pedestrian- <br />oriented housing and mixed use (commercial/housing) development Downtown <br />at densities and heights greater than currently permitted. Under the Moderate <br />Intensity project alternative, development in accordance with the proposed <br />Precise Plan would provide a net increase of up to 2,500 new housing units, a <br />significant and much-needed addition to the overall housing stock of the City, <br />San Mateo County and the San Francisco Peninsula as a whole, ail of which <br />have greater demand for housing than they supply. The City, County and <br />Peninsula housing shortages are also growing more acute, with a trend of rising <br />prices and rents, forcing working families to spend more of their income on <br />places to live more distant from their work and communities where they have <br />other ties, such as family. To address this problem in a lasting way, more new <br />housing must be built, and the Project site presents an opportunity to develop a <br />large number of new homes. <br />B. Providing Affordable Housing. Under the Moderate Intensity project <br />alternative, assuming the full 2,500 units are built, the Project would provide 375 <br />and 750 new affordable units, including 150 to 300 units affordable to very low <br />income households (those earning half or less of the San Mateo County median <br />income). Adoption of the Downtown Precise Plan will increase the supply of <br />market rate housing, .~hich will lead to a ccrollan,~ increase to the supply of <br />affordable housing. By eliminating existing density caps and height limitations, <br />the Downtown Precise Plan provides property owners the tools to develop high <br />density residential housing, which in turn will generate affordable housing within <br />this Redevelopment Area. Adoption of this Project could facilitate the largest <br />addition of new affordable units in the Gity or County in many years. <br />C. Economic Vmpacts to the City of Redwood City. The Project is intended to <br />assist the City and its Redevelopment Agency in providing for and encouraging <br />build out of a unique and robust Downtown. The Project is intended to facilitate <br />public and private investment in Downtown Redwood City. The anticipated <br />economic and housing growth that results from those investments will foster <br />increased employment opportunities. <br />D. Provide a choice of "convenience living". The Project will provide a choice <br />of convenience living - a balanced and synergistic mix of employment and a <br />range of well-designed yenta! and for-sale housing types in close proximity to <br />entertainment, restaurants, special events, shopping and public services, and to <br />Atty/Reso/Reso.1683 5 <br />030707 <br />