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06/07/2004 These impacts cannot be avoided or substantially reduced by feasible changes or alterations to the Project, other than the changes or alterations adopted or provided for under this Resolution. b. Overriding Considerations This Council specifically adopts this Statement of Overriding Considerations, finding that this Project includes all feasible measures that would eliminate or substantially lessen the significant impacts of the Project on the environment, and that the remaining significant, unavoidable impacts of the Project are acceptable in light of the environmental, economic, social and other considerations set forth herein because the benefits of the Project outweigh the significant and adverse impacts of the Project. This Council finds that each of the overriding considerations set forth below constitutes a separate and independent ground for finding that the benefits of the Project outweigh its significant adverse environmental impacts and sets forth an overriding consideration warranting approval of the Project. C. Benefits of Proposed Project This Council has considered the FEIR, the public record of proceedings on the proposed Project and other written materials presented to the City as well as oral and written testimony at all public hearings and meetings related to the Project, and does hereby determine that implementation of the Project as specifically provided in the Project documents would result in the substantial public benefits set forth below. This Council has weighed the benefits of the proposed Project against its unavoidable environmental risks and adverse environmental effects identified in the FEIR and hereby determines that those benefits, as outlined below, outweigh the risks and adverse environmental effects and, therefore, further determines that these risks and adverse environmental effects are acceptable. (i) Providing New Housing The Project would provide a site for up to 1,930 new housing units, a significant and much - needed addition to the overall housing stock of the City, San Mateo County and the San Francisco Peninsula as a whole, all of which have greater demand for housing than they do 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, rare in the County or on the Peninsula and irreplaceable in the City, to develop a large number of new homes. (ii) Providing Affordable Housing The Project would provide, assuming the full 1930 units are built, 290 new affordable homes, 1289 \02 \179278.2 4 Atty /Reso /Reso.1470 14590 060804 Muff # 304 Bin 26