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Page 10 of 12 <br />City of Redwood City 1017 Middlefield Road, Redwood City, CA. 94063 Tel: 650-780-7000 www.redwoodcity.org <br />footage. Many stakeholders have reported that these obligations are difficult to meet due to the required <br />cost of improvements. As a result, applicants often design projects to stay below the 50% threshold or <br />choose not to invest in or occupy the space at all. This has recently led to the loss of businesses that would <br />have added significant community value, including a rock-climbing gym, a bakery, and other neighborhood <br />serving retail. Staff will continue to assess this and other issues and intends to return to the City Council <br />with updates or recommendations as appropriate. <br />Finally, staff plans to return to the City Council later this Fall to seek amendments to Development <br />Agreements or other project entitlements that would help advance the City’s goals related to housing, <br />economic development, parks, and utilities. <br />Next Steps <br />If one or both of the measures are approved, staff will notify applicants and stakeholders about the <br />incentive program(s). For those wishing to participate in the Affordable Housing Incentive Program, <br />applicants will submit a request form indicating their revised affordable housing requirements. These <br />changes will require amending a project’s affordable housing plan, state density bonus request (if <br />applicable), affordable housing conditions of approval, and affordable housing agreements (if already <br />executed). The Affordable Housing Incentive Program allows for these changes to be made <br />administratively. Staff has already contacted those who may benefit to inform them that the City Council <br />will consider the incentive program on September 8. <br />EQUITY IMPACT STATEMENT <br />Housing Incentive Program <br />Facilitating the construction of housing and, in particular affordable housing, helps address disparities in <br />access to housing for all income levels and contribute towards the City meeting its RHNA goals, consistent <br />with the adopted Housing Element. The intent of the Temporary AHO Incentive Program is to expedite <br />the construction of residential projects that are currently stalled due to economic market conditions. <br />Green Infrastructure for Substantial Commercial Remodels <br />Reducing commercial vacancies and supporting small businesses to open in Redwood City benefits our <br />entire community. By helping activate empty spaces, the City can foster more inclusive employment <br />options, support a diverse range of entrepreneurs, and advance the equity-focused goals outlined in the <br />Economic Mobility Action Plan. <br />10.A. - Page 10 of 31 <br />219