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<br />~L'~,~;.:.:.:._'~_:'"""._ <br /> <br />. City of Redwood City <br />Office of the City Manager <br /> <br />80 <br />Page 2 <br /> <br />Raids on Redevelopment threaten public-private partnerships and put private investment and <br />capital infrastructure improvements at risk. On average} each dollar of Redevelopment <br />spending generates $7 in total construction activity. Economists contend that those $7 act as a <br />multiplier in the economy} generating $14 for every $1 investment of public funds. <br /> <br />Redevelopment is also the second largest funder of affordable homes in California after the <br />federal government. A Redevelopment take would jeopardize the rehabilitation and <br />construction of affordable homes} making an already troubling economic situation harder on <br />low-and moderate-income Californians. <br /> <br />A take away of Redevelopment and local funds would also threaten the implementation of AS <br />32 and 58 375 as resources for encouraging development within the urban cores would be <br />reduced. <br /> <br />The coalition membership form is attached. By signing it, the City and Agency agree to be listed <br />as a member of the coalition. There is no obligation for contributing time or money. The lists <br />of members will be used in materials such as fact sheets, a~d industry and legislator collateral. <br /> <br />It is recommended that the Council/Agency Board' direct the City Manager/Executive Director <br />to complete the form and join the coalition to help preserve and protect main street plans for <br />economic recovery. <br /> <br />Attachments: Endorsement/Membership Form <br />Main Street Recovery Coalition (as of 5/11/09). <br /> <br />Build a Great Community Together <br /> <br />Excellence: Passion To Do Our Best In Each Moment Integrity: Do The Right Thing, Not The Easy Thing <br />Service: We Care And It Makes A Difference Creativity: Freedom To Imagine And Courage To Act <br /> <br />w <br /> <br />, <br />