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5.A. - Pa 30 of 02 C E DA cam San Mateo County Economic DevelopmerK Assodalhton EXECUTIVE COMMITTEE Sherri Sager Chair of the Board Wille Packard Children's Hospital Stanford Ariane Hogan Vice chair Genentech Robert Webster Vice Chair Bohannon Development Company Steve Mincey Past Chair of the Board DES Architects + Engineers, Inc. Paul Casias Vice Chair of Finance My -Business -Advisor LLP Elaine Breeze Secretary SummerHill Apartment Communities Rosanne Foust President & CEO SAMCEDA DIRECTORS Emylene Aspilla Son Francisco Intemationa/Airport Frank Bartaldo Heritage Bank of Commerce Norman Book, Jr. Carr McClellan Ken Busch Sores Regis Group of Northern California Carol Donnelly Embarcodero Capital Partners, LLC Shelley Doran tWebcor William Graham Sequoia Hospital/A Dignity Health Member Rick Knauf Colliers International Sunil Pandya Wells Fargo Frank R. Petrilli Arent Fox LLP Mario Pucclnelli Recology San Mateo County Doug Reynolds Kaiser Permanente Jonathan Scharfman Randy Smith Orade America, Inc. Ashley Stanley BKF Engineer Lucy Wicks Stanford University EMERITUS ADVISOR TO THE CHAIR T. lack Foster, Jr. Faster Enterprises November 5, 2020 Honorable Diane Howard, Mayor Members of the Redwood City City Council City of Redwood City 1017 Middlefield Road Redwood City, CA 94063 Dear Mayor Howard and Members of the Council, On behalf of the Board of Directors of the San Mateo County Economic Development Association (SAMCEDA), I submit this letter of support for Greystar's South Main Mixed -Use project. SAMCEDA, through our committees and policy priorities, work to shape new development in San Mateo County in order to address the lack of affordable housing, the need for more child care, sustainability, traffic and transportation, and economic development. Prior to the COVID-19 pandemic, the South Main Mixed -Use project was setting a new standard for what a project could become over the entitlement process based on listening, incorporating community feedback, and responding to the needs of the city in which a developer was seeking approval to build. This project raises the bar for any future mixed-use project in Redwood City and appears to have positively impacted what developers were offering through the recent Gatekeeper Process at the early stages of project submittal, including: • Maximizes housing over base zoning with 540 total units and 147 BMR, possibly the first project to deliver 27% affordable across all AMI categories; • Full investment of affordable housing impact fees in a 100% affordable offsite building built by Greystar in partnership with HIP Housing as the co-owner and property manager. It requests no city gap funding and represents the strongest example yet in Redwood City of heeding the challenge of "don't bring us a check — build us affordable units" made by the City; • Public child care with unprecedented financial subsidies in the form of Greystar-funded tenant improvements, no rent payments, no rent escalation, and a 10 to 15 -year lease term. All intended to attract a child care operator who will offer subsidized slots to low income families, infant care, and toddler care; • 19,000 sq. ft. of retail space specifically designed for family-oriented entertainment use; • The historic reuse of Perry's Feed Shed as a new home to a treasured Redwood City small business and the creation of a substantial public open space. • Significant improvements to bike and pedestrian access, street safety, EI Camino Real Corridor Plan implementation, and other street grid improvements; • Revitalization of a blighted and underutilized set of parcels along the Main Street gateway to downtown that will deliver millions of dollars in impact fees, fair share contributions to infrastructure, and permanent increases to property tax revenue for the city and school districts; 1900 O'Farrell Street, Suite 380 1 San Mateo, California 94403 1 650.413.5600 1 info@samceda.org I www.samceda.org 303 an