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7g�►. 1440 of 41 • Mixed -Use Revitalization — The project combines retail, public transport, and leisure into a desirable and compact package. Lowe is focused on keeping jobs, housing, and shopping all within walking distance or public transit's reach, while also creating a cohesive community brought together by an open space and local festivities. Of course there are those who will say that a project of this scale will exacerbate an already extreme housing jobs imbalance in San Mateo County and this argument cannot be dismissed out of hand. However, we must remind ourselves that the pursuit of an appropriate balance between jobs and homes is not the real end goal, it is a means to an end. That end is commonly accepted to be the reduction of traffic on our roads and overall Vehicle Miles Travelled. It is our opinion, having reviewed the project and given its unique proximity to Caltrain, that even with a jobs/housing mismatch this development will result in a net reduction in VMT and greater accessibility to the region's housing. Recent studies, including those conducted by the Public Policy nstitute of California have concluded that while adding residential density at transit has a VMT lowering impact, it is not nearly as effective as adding job density. All things being equal we would definitely like to see a more housing rich mix in this plan or in the surrounding area, however in this current housing market this is simply not possible. Just this week Palo Alto Online reported that one of the most successful developers in Silicon Valley history, John Sobrato, cannot make an entitled housing development in Palo Alto work and he will not move ahead with construction! Should the economics of the project change, we will be the first in line seeking additional housing, but at this time that simply makes this exciting opportunity infeasible. With the various ownership and leasehold interests on this site, we understand that we may not get this opportunity again for decades. The Council applauds Lowe for introducing this well-planned project with ample community benefits. Lowe's proposals to cultivate the urban dimensions of Downtown Redwood City with public transit and residential upgrades warrant close attention and consideration. The project sponsor has demonstrated a strong commitment to engage, work with, and respond to the community. We urge you to allow planning of this project to continue and we look forward to being part of the conversation as it progresses Please let us know if you have any questions. Sincerely, Matt Regan Senior Vice President Bay Area Council P 415.946.8777 353 Sacramento Street, 10th Floor 1215 K Street, Suite 2220 F 415.981.6408 San Francisco, California 94111 Sacramento, California 144