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7C <br /> Page 19 <br /> affordable to moderate to abflve-moderate households. The Project aiso <br /> estabfishes the goal of realizing an additionai 10%, or up to 80 off-site <br /> units, with the de�eloper's financial contributian of up to $8 Million in <br /> subsidy funding. The off-si#e units, if offered for purchase wilf be <br /> affordabls to households of °Moderate-Income" or "Above Moderate- <br /> Income," ar if offered for rent at Affordable Rents to eligible households of <br /> "Very Low-Income" and "Low–Income." New affordable housing will not <br /> only alleviate human costs ofi the housing shortage, but will help foster <br /> economic development, which is handicapped by the lack af lacal housing <br /> for employees. <br /> (iii} Economic lm�acts to the Citv of Redwood Ci#v. The Project wil! <br /> provide significant markef support to dawntawn businesses and wif( <br /> enhance the City's ongoing revitaliza#ion effor�s. The Project may include <br /> a first-quality 200-room hotel, providing a feature which does not exist in <br /> this area of the City and which is important to economic development; the <br /> revenues generated by the hotel operations support the City's fiscal <br /> health. The Project will result in additional new employees in its <br /> cammercial retail and restaurant space, and it is possibls that some of <br /> those new employees will be residents of Redwood City. <br /> {iv) Increase in Number of Jobs. The economic development goals <br /> and policies of the Redwood City General Plan include creating mare job <br /> opportunities. The Project would promote these goals and policies by <br /> providing space far more jobs, as well as many construction-related jobs <br /> over a period of years. <br /> (v) Qpen Space, Waterfront Access, Recreation and Park <br /> Opportunities. The Project would make accessibEe to the general public, <br /> as well as residents, workers in the Project area and business customers, <br /> extensive waterfront espfanades and o#her atfiractive waterfrant access <br /> and recreation and park opportunities, in an area where public waterfront <br /> access is currently limitsd and largely impractical. The Project would also <br /> promote access to and enjoyment of the San �rancisco Bay wa#erfront by <br /> providing community-serving amenities such as restaurants, shops and <br /> communi#y facilities, and by carefully designed integrated walkways, <br /> internal waierways and other open space and overlooks. <br /> (vi) New Hiah-Quality Neiqhborhood Living Environment. The Project <br /> wiEl provide an appealing and livable residentia! environment—a high- <br /> density urban viElage with ground level activity, pedestrian ameni�ies, <br /> innovative design and high-quaEity architecture. Building location and <br /> massing, spatial relatianships among buildings and apen space and <br /> architectural detailing will be designed to provide attractive opportunities <br /> for pedestrians and bicyc(ists and inviting spaces for recreation and <br /> gathering and to maximize light, openness and views for residents and <br /> visitors. Because of its infill location and proximity to two existing <br /> residentia( developments, Peninsula Park will help complete an emerging <br /> neighborhood by providing neighborhood-orien#ed services and <br /> connections to the previousEy isolated residential developments. <br /> Atty/ResolReso.1772 q, <br /> 121307 <br />