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Saltworks 50/5Q Balanced Plan — Execuf�v�e Summary Overview of App(icafron Submittal & Sfiaternent of Jus#ification May 2009 � Page 2 According to the Associat'ron of 8ay Area Gavernments, there is both an existing and projected scarcity of housing options in the mids# of what may be the most vital and vigorous economie engine in our nation — the Peninsula and greater Siiicon Valley region, Within just 1 U miles of the Saltworks Site, there are approximately 3'�5,0�0 jobs, And while jobs remain plentiful, hvusing is elusive for locai employees due to both fack of quantity and prohibitively high cost. As a result, tens of thousands of employees working in the �i#y alone commute from distant counties to �he signif,cant detriment of both quality of life and the environment. The 50/50 Balanced Plan wauld create a mixed use community with between 8,0�0 and 12,�OQ new housing units in the heart of wF�at already is a serious jobs/housing imbalance. By placing much needed housing in close proximity to jobs and mufti-modai transit options, single-passenc�er vehicle trips -- with their attendant greenhouse gas emitting tailpipes — come off the road in significant proportians, both alleviating existi�g cangestion on bridges and highways and significantly reducing vehicle miles travefed, the single greatest contributor to global warming in the region. Further, this extraord�nary community would be developed hand-in-hand with the � provisian c�f hundreds of acres of eco�ogical restoratiQn and over three miles of direct shoreline engagement with san Francisco Bay for a!1 of the residents o� Redwood City to enjoy. III. Application Submittal � ln its Application Submittal, the Saftworks Team requests the City inifiate in partnership with Salfinrorks study and preparation of the legislative entitlements necessary to make � the 50/5� Balanced Plan a reality: � General Pian Arnendment; • Specific Plan; � Zoning Map/Text Amendment; and • Deveiopment Agreement. In addition to the faundation and framework for these entitlements -- the Statemen# af Justification (summarized beiow} —the AppJication Submittal is supported by numerous � technical studies and the City`s Environmenta!Assessmer�t Ques#ionnaire.