AgdaPkt 2020-11-16 Special - Laserfiche WebLink

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This developer has a history of not being transparent with our community to our detriment. For example, just as their Elan housing development was to open for occupancy last year, it was sold to a non-profit (Stanford). This will result in Redwood City losing millions of dollars in tax revenues over the next thirty years. Was this impact discussed with the City? Was mitigation offered to the Community before completing this transaction? Was this a major developer demonstrating good faith or a preview of further actions to come? Based on published reports and as raised in public comments at last week's Council meeting, the developer reportedly has a record of major unsafe construction practices and poor property management. This raises many questions about their suitability to safely complete and manage this massive project. Nothing in any public record indicates adequate consideration of these shortcomings during the staff and Planning Commission review. Given this developer's track record and size and scope of this project, a comprehensive development agreement should be negotiated specifying the representations and obligations of the Developer on this project. It should also address what happens if the project or parts are sold. For example, how will City tax revenues be secured especially if sold to non -profits? If there are substantial short term windfalls, the City should share in a percentage to address its housing, transportation and other critical needs. 3-Housing/Jobs Imbalance and Health Emergencies The Developer has proposed a project which will further significantly aggravate the long term housing crisis. Using the metrics from the Nexus Study conducted in 2015, 530,000 sq ft in new office space will generate a demand for over 2,600 housing units. The Developer is only proposing 540 units. This is a deficiency of over 2,000 units! The Nexus study calls for 50% affordable housing. The current project only allows for less than 20% of net new affordable housing. There is nothing close to this level of housing in approved and funded projects in our region. In fact there is nothing in any analysis of this project that attempts to quantify this deficiency or how it is addressed in other approved, pending or proposed new housing projects. Not doing this analysis and setting a plan is a massive shortcoming which will directly relate to accelerating public health and safety emergencies. This fact alone shows you do not have the basis to consider this project for approval at this time.