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6.F. - Page 2 of 116 <br />BACKGROUND <br />The project is a 7 -story 100% affordable multi -family residential project consisting of 125 for -rent units <br />located at 353 Main Street. The building includes two levels of above -grade parking and the building would <br />contain a mix of studios, one -bedroom, and two bedroom units. The improvements associated with this <br />project includes new sanitary sewer, domestic water, and stormwater connections to the City system, <br />relocation of an existing sanitary sewer main, new fire hydrant, sidewalk modifications, street trees, and <br />pedestrian lighting. <br />Affordable Housing Agreement <br />The conditions of approval require an affordable housing agreement in addition to the easements and <br />agreements listed in the recommendation section and described below. Under the conditions of approval, <br />building permits for the project cannot be issued until all agreements and easements, including the <br />affordable housing agreement, are approved. To facilitate project continuity, staff is bringing forward the <br />other agreements and easements at this time in order to allow on-site grading and utility relocation work <br />as well as off-site improvements to proceed while the affordable housing agreement is negotiated. Staff <br />anticipates presenting the affordable housing agreement, loan agreement and related documents to the <br />Council for consideration in the near future. <br />ANALYSIS <br />The developer's engineer completed the easement documents, improvement plans, and specifications <br />compliant with the Subdivision Map Act, Redwood City Ordinances, City Standards, and to City Engineer <br />requirements. Due to the relocation of the existing sanitary sewer main, the existing public utility <br />easement will need to be vacated and a new public utility easement created to accommodate the change <br />in alignment. <br />The developer will post bonds in the amount of $201,661 as required by the Improvement Agreement. All <br />work associated with the project is being paid for by the developer. The developer anticipates completion <br />of all improvements by fall 2021. <br />FISCAL IMPACT <br />There is no fiscal impact to the General Fund as a result of this action. The estimated cost of the offsite <br />improvements to be completed by the developer is $201,661.00 and Table 1 provides a list of the sources <br />of funds to be used for the $3.5 million loan for the project. <br />Page 2 of 3 <br />City of Redwood City 1017 Middlefield Road, Redwood City, CA. 94063 Tel: 650-780-7000 www.redwoodcity.ore <br />172 <br />