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<br /> <br />80 <br />age 1 <br /> <br />February 11, 2008 <br /> <br />SUBJECT <br />Consideration of Mid-Term Update of Five-Year Implementation Plan 2005-2009 for the <br />Redwood City Redevelopment Project Area No.2. <br /> <br />RECOMMENDATION <br />Conduct a public hearing to receive comments on the Mid-Term Update of the Five- <br />Year Implementation Plan 2005-2009 for Redwood City Redevelopment Project Area <br />No.2; receive and file Update. <br /> <br />BACKGROUND <br />In December 2004, the Redevelopment Agency Board adopted an Implementation Plan <br />for Redwood City Redevelopment Project Area No. 2 (please refer to map of Project <br />Area NO.2 contained in attached report). The Implementation Plan covers the five-year <br />period of January 2005 through December 2009. Section 33490 of the California Health <br />and Safety Code requires agencies, at least once within the 5-year implementation plan <br />term, to conduct a public hearing for the purpose of reviewing the redevelopment plan <br />and the corresponding implementation plan and evaluating the progress of the <br />redevelopment project. Upon the closing of the public hearing, the Agency Board is <br />simply required to receive and file the Mid-Term Update. <br /> <br />A report has been prepared to assist in the mid-term evaluation of the redevelopment <br />project and five-year implementation plan and is attached as Attachment 1. The Update <br />includes a description of the Agency's activities and expenditures over the past 3 years; <br />an update on projects and programs that the Agency intends to undertake through <br />December 2009; and an update on anticipated Agency revenues and expenditures <br />through December, 2009. The Update also addresses progress on affordable housing <br />requirements. A summary of the Implementation Plan Update follows: <br /> <br />Affordable Housing Activities and Funds <br /> <br />Affordable Housinq Units in Proiect Area <br /> <br />o Current stock of 280 deed restricted affordable units, including 95 Very Low <br />Income Units <br />o Agency exceeds minimum requirements (law requires 87 affordable units, <br />including 34 Very Low Income Units) <br /> <br />Accomplishments 2005 - 2007 <br /> <br />o Funded and completed construction of Villa Montgomery (28 Very Low and 30 <br />Moderate Income rental units) <br />o Furded and started construction of eight Habitat for Humanity ownership units <br />