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06/07/2004 including 97 units affordable to very low income households (those earning half or less of the San Mateo County median income). The shortage of housing is worst for moderate and very low income households. New affordable housing will not only alleviate human costs of the housing shortage, but will help foster economic development, which is handicapped by the lack of local housing for employees. This Project would be the largest addition of new affordable units in the City or County in many years. In addition, it would be provided without any financial commitment by the City to the Developer, preserving scarce housing assistance for other developments. (iii) Economic Impacts to the City of Redwood City The Project will provide significant market support to downtown businesses and will enhance the City's ongoing revitalization efforts. The Project may include a first - quality 200 -room hotel, providing a feature which does not exist in this area of the City and which is important to economic development. The Project will result in additional new employees in its office and commercial space. (iv) Increase in Number of Jobs The economic development goals and policies of the Redwood City General Plan include creating more job opportunities. The Project would promote these goals and policies by providing space for more than 200 additional jobs, as well as many construction - related jobs over a period of years. (v) Open Space Waterfront Access Recreation and Park Opportunities The Project would make accessible to the general public, as well as residents, workers in the Project area and business customers, extensive waterfront esplanades and other attractive waterfront access and recreation and park opportunities, in an area where public waterfront access is currently limited and largely impractical. The Project would also promote access to and enjoyment of the San Francisco Bay waterfront by providing community - serving amenities such as restaurants, shops and community facilities, and by carefully designed integrated walkways, internal waterways and other open space and overlooks. (vi) New High - Quality Living Environment The Project will provide an appealing and livable residential environment —a high - density urban village with ground level activity, pedestrian amenities, innovative design and high - quality architecture. Building location and massing, spatial relationships among buildings and open space and architectural detailing will be designed to provide attractive opportunities for pedestrians and bicyclists and inviting spaces for recreation and gathering and to maximize light, 1289 \02 \179278.2 5 Atty /Reso /Reso.1470 14590 060804 Muff # 304 Bin 26