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03/27/2007 San Mateo County and the San Francisco Peninsula as a whole, all of which have greater demand for housing than they supply. The City, County and Peninsula housing shortages are also growing more acute, with a trend of rising prices and rents, forcing working families to spend more of their income on places to live more distant from their work and communities where they have other ties, such as family. To address this problem in a lasting way, more new housing must be built, and the Project site presents an opportunity to develop a large number of new homes. B. Providing Affordable Housing. Under the Moderate Intensity project alternative, assuming the full 2,500 units are built, the Project would provide 375 and 750 new affordable units, including 150 to 300 units affordable to very low income households (those earning half or less of the San Mateo County median income). Adoption of the Downtown Precise Plan will increase the supply of market rate housing, which will lead to a corollary increase to the supply of affordable housing. By eliminating existing density caps and height limitations, the Downtown Precise Plan provides property owners the tools to develop high density residential housing, which in turn will generate affordable housing within this Redevelopment Area. Adoption of this Project could facilitate the largest addition of new affordable units in the City or County in many years. C. Economic Impacts to the City of Redwood City. The Project is intended to assist the City and its Redevelopment Agency in providing for and encouraging build out of a unique and robust Downtown. The Project is intended to facilitate public and private investment in Downtown Redwood City. The anticipated economic and housing growth that results from those investments will foster increased employment opportunities. D. Provide a choice of "convenience living". The Project will provide a choice of convenience living - a balanced and synergistic mix of employment and a range of well-designed rental and for-sale housing types in close proximity to entertainment, restaurants, special events, shopping and public services, and to public transportation that provides car-less access to other communities and to San Francisco International Airport. E. Establishes a Desirable Downtown. The Precise Plan proposed pattern of building height limitation revision would promote a more organized, harmonious and discernable Downtown form; an increase in internal visual conformance among structures; and an increase in overall visual unity. F. Pedestrian Enhanced Environment. The Project will create a Downtown that makes pedestrian comfort, safety, and convenience a priority. The Project will make Downtown a comfortably walkable urban place. The Project will provide a network of great public places that connect to and complement Broadway, adjacent neighborhoods, transit, and EI Camino Real; that inspire people to walk and to linger Downtown; and that can include improved linkages (pedestrian and vehicular) between Downtown and the Bayfront. Atty/Reso/Reso.1683 5 14769 030707 Muff #613