AgdaPkt 2020-11-09 Joint SA PFA - Laserfiche WebLink

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Build Up for SMC's Children A4C___i Child Care Coordinating Council November 6, 2020 Diane Howard, Mayor City of Redwood City 1017 Middlefield Road Redwood City, California 94063 Dear Mayor Howard and Honorable Councilmembers: J]FIRSTNTY5SAN MATEO Success for Every Child Build Up for San Mateo County's Children, an initiative designed to preserve, grow and improve the supply of child care and preschool facilities in San Mateo County, along with leadership partners, Child Care Coordinating Council of San Mateo County and First 5 San Mateo County are thrilled to support child care co located on the development of the South Main Mixed -Use Project. Build Up has been working with Greystar since April 2019 to discuss the fundamental challenges facing child care providers in San Mateo County and the specific ways a developer can shape the success for any operator to open a new facility, but especially one able to serve low-income families in Redwood City. There is little understanding of the complex nature of creating new child care facilities, especially the financial challenges of opening within a new development that often requires tenant improvements. Most community-based providers cannot afford the significant upfront costs of building out a child care facility. Greystar took the time to understand the market conditions facing child care providers and most importantly, they listened and incorporated every suggestion we made to put forth a child care component of the final South Main Mixed -Use proposal that will best serve the entire Redwood City community. This co -located child care center can serve the families living in the BMR units and families living in the neighborhoods around the project site. Greystar's child care proposal is an unprecedented community benefit and will set a new standard of excellence in Redwood City, especially the inclusion of the following elements which resulted from Greystar seeking out Build Up's input early on, listening, and finding a way to say "yes" to every suggestion: Rent $0.00 monthly rent payments Rent Growth None Tenant Improvements Greystar convert the unfinished space into a modern child care facility, estimated at $300/$400 sf and totaling a $3M to $4M investment Lease Term 10 to 15 years Impact The impact of these financial benefits will allow the eventual provider to offer 30% of the slots at subsidized levels, scholarships, a minimum 1/4 of capacity for infants and toddlers which is a tremendous need.