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3.A. - Page 7 of 14 <br />Table 1: Land Use Assumptions <br />LAND USE ASSUMPTIONS TABLE <br />Residential <br />Single -Family <br />1 DU <br />2.90 <br />2.90 <br />Multi -Family <br />1 DU <br />2.49 <br />2.49 <br />Non -Residential <br />Office <br />1,000 SF <br />4.59 <br />1.86 <br />Industriallwarehcuse4 <br />1,000 SF <br />2.11 <br />0.85 <br />Retail <br />1,000 SF <br />2.60 <br />1.05 <br />$642,000 per DU S1.667.000 per DU <br />$419,000 per DU S697,000 per DU <br />5374,000 per 1,000 SF S1,177,000 per 1,000 SF <br />$161,000 per 1,000 SF S473,000 per 1,000 SF <br />$164,000 per 1,000 SF S765,000 per 1,000 SF <br />Example Development Scenarios <br />The analysis provided by EPS includes four case study examples, shown in Attachment 2; one new office <br />development, one new multi -family development, one mixed-use development and one multi -family <br />development that includes affordable housing. The office and mixed-use examples show that the fiscal <br />benefits of new development exceeds that of existing uses. However, the new multi -family examples, <br />specifically 1605 EI Camino Real, show the impact of new multi -family developments may be the least <br />fiscally beneficial in terms of City revenues and costs and also highlight that the fiscal benefit of multi- <br />family development will outweigh existing retail uses in 'typical' conditions but may not outweigh existing <br />retail uses in 'Covid' conditions. As previously noted, these examples should be considered within the <br />wider context of City policy goals, the ongoing regional housing crisis and the understanding that certain <br />community benefits, such as affordable housing, provide significant benefit to the City's residents, even if <br />they do not present a positive net fiscal impact to the City. <br />NEXT STEPS <br />EPS has provided the analysis in presentation format for initial consideration. Following the City Council <br />presentation on March 22, 2021, EPS will deliver a more technical memo, which will outline the analysis <br />with written context and explanation as well as provide the information that supports the analysis. Staff <br />and EPS are seeking City Council feedback on the information presented as well as any potential <br />suggestions for amendments or additions to the forthcoming technical memo. Once completed, the <br />memo will be provided to the City Council and available on the City website for informational purposes. <br />Page 7 of 8 <br />City of Redwood City 1017 Middlefield Road, Redwood City, CA. 94063 Tel: 650-780-7000 www.redwoodcity.ore <br />