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Page 5 of 12 <br />City of Redwood City 1017 Middlefield Road, Redwood City, CA. 94063 Tel: 650-780-7000 www.redwoodcity.org <br />and the corresponding increase in market-rate units. For each deed-restricted unit that is converted to an <br />unrestricted unit, the developer will likely incur higher impact fees. In conversations with developers, <br />many indicated that this tradeoff would positively impact project feasibility. <br />As shown in Table 2 below, there are seven residential/mixed use projects that have obtained planning <br />entitlements during 2020-2024 and have not pulled building permits that would likely benefit from this <br />program. This represents a total of 1,253 units, 234 of which are affordable and 1,019 which are market <br />rate. The housing impact fees for 15 entitled units located in two small residential projects could be <br />reduced from $884,000 to $663,000. <br />In addition, there are at least three projects, consisting of at least 150 total units, that are in the process <br />of receiving planning approvals that could also potentially benefit from a reduction.4 These pipeline <br />projects do not include Gatekeeper projects, projects with Development Agreements, or 100% affordable <br />housing projects. <br />While it is uncertain whether the eligible projects will move to construction in the near future, an incentive <br />to provide fewer affordable housing units may provide the impetus for these projects to move forward, <br />and other City goals can be met such as economic development and collection of impact fees. <br />4 There may be additional projects that have not yet submitted a planning application to the City that could benefit. <br />However, as the June 30, 2026, entitlement deadline approaches, it will become more difficult for those projects to <br />qualify, as obtaining building permits before June 30, 2027, will be challenging. <br />10.A. - Page 5 of 31 <br />214