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08/10/2009 Saltworks 50150 Balanced Plan — Executive Summary Overview of Application Submittal & Statement of Justification May 2009 Page 2 According to the Association of Bay Area Governments, there is both an existing and projected scarcity of housing options in the midst of what may be the most vital and vigorous economic engine in our nation — the Peninsula and greater Silicon Valley region. Within just 10 miles of the Saltworks Site, there are approximately 315,000 jobs. And while jobs remain plentiful, housing is elusive for local employees due to both lack of quantity and prohibitively high cost. As a result, tens of thousands of employees working in the City alone commute from distant counties to the significant detriment of both quality of life and the environment. The 50150 Balanced Plan would create a mixed use community with between 8,000 and 12,000 new housing units in the heart of what already is a serious jobs /housing imbalance. By placing much needed housing in close proximity to jobs and multi -modal transit options, single- passenger vehicle trips -- with their attendant greenhouse gas emitting tailpipes — come off the road in significant proportions, both alleviating existing congestion on bridges and highways and significantly reducing vehicle miles traveled, the single greatest contributor to global warming in the region. Further, this extraordinary community would be developed hand -in -hand with the provision of hundreds of acres of ecological restoration and over three miles of direct shoreline engagement with San Francisco gay for all of the residents of Redwood City to enjoy. III. Application Submittal In its Application Submittal, the Saltworks Team requests the City initiate in partnership with Saltworks study and preparation of the legislative entitlements necessary to make the 50/50 Balanced Plan a reality: • General Plan Amendment; • Specific Plan; • Zoning Map/Text Amendment; and • Development Agreement. In addition to the foundation and framework for these entitlements -- the Statement of Justification (summarized below) — the Application Submittal is supported by numerous technical studies and the City's Environmental Assessment Questionnaire. 14958 MUFF # 601