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08/10/2009 <br />Saltworks 50150 Balanced Plan — Executive Summary <br />Overview of Application Submittal & Statement of Justification <br />May 2009 <br />Page 2 <br />According to the Association of Bay Area Governments, there is both an existing and <br />projected scarcity of housing options in the midst of what may be the most vital and <br />vigorous economic engine in our nation — the Peninsula and greater Silicon Valley <br />region. Within just 10 miles of the Saltworks Site, there are approximately 315,000 jobs. <br />And while jobs remain plentiful, housing is elusive for local employees due to both lack <br />of quantity and prohibitively high cost. As a result, tens of thousands of employees <br />working in the City alone commute from distant counties to the significant detriment of <br />both quality of life and the environment. <br />The 50150 Balanced Plan would create a mixed use community with between 8,000 and <br />12,000 new housing units in the heart of what already is a serious jobs /housing <br />imbalance. By placing much needed housing in close proximity to jobs and multi -modal <br />transit options, single- passenger vehicle trips -- with their attendant greenhouse gas <br />emitting tailpipes — come off the road in significant proportions, both alleviating existing <br />congestion on bridges and highways and significantly reducing vehicle miles traveled, <br />the single greatest contributor to global warming in the region. <br />Further, this extraordinary community would be developed hand -in -hand with the <br />provision of hundreds of acres of ecological restoration and over three miles of direct <br />shoreline engagement with San Francisco gay for all of the residents of Redwood City <br />to enjoy. <br />III. Application Submittal <br />In its Application Submittal, the Saltworks Team requests the City initiate in partnership <br />with Saltworks study and preparation of the legislative entitlements necessary to make <br />the 50/50 Balanced Plan a reality: <br />• General Plan Amendment; <br />• Specific Plan; <br />• Zoning Map/Text Amendment; and <br />• Development Agreement. <br />In addition to the foundation and framework for these entitlements -- the Statement of <br />Justification (summarized below) — the Application Submittal is supported by numerous <br />technical studies and the City's Environmental Assessment Questionnaire. <br />14958 <br />MUFF # 601 <br />