Agda Pkt 2025.11.24 Joint SA PFA

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Page 1 of 11 City of Redwood City 1017 Middlefield Road, Redwood City, CA. 94063 Tel: 650-780-7000 www.redwoodcity.org STAFF REPORT To the Honorable Mayor and City Council From the City Manager DATE: November 24, 2025 SUBJECT Request for modifications to the Elco Yards’ Affordable Housing Plan, State Density Bonus Law concessions and waivers, and minor design details for the buildings on lots A (1555 El Camino Real) and D (113 Beech Street) SUMMARY The proposal is to modify how the Elco Yards project (formerly the South Main Mixed-Use project) proposes to meet the Affordable Housing Ordinance (AHO) requirements along with modifications to the project’s State Density Bonus request (including the requested concessions and waivers). Additionally, the applicant requests minor modifications to the design details for the two residential buildings within the project. The requested changes maintain the overall design quality, and do not result in fewer residential units or the reduction or elimination of any community benefits. RECOMMENDATION 1. Adopt a resolution approving the modifications to the South Main Mixed-Use (Renamed Elco Yards) Project generally located at 1601 El Camino Real, including Revised Conditions of Approval, State Density Bonus Law Bonuses, Concessions and Waivers, and a Revised Affordable Housing Plan (previously approved by Resolution No. 15908); and 2. By motion, authorize the City Manager to amend the original Regulatory Agreement and Declaration of Restrictive Covenants with Kopf & Kopf LLC and IQHQ Elco, L.P. for the affordable units in Parcel A and the original Regulatory Agreement and Declaration of Restrictive Covenants with IQHQ TRS Elco Yards, Inc. for the affordable units in Parcel D, and take all actions necessary to carry out the Regulatory Agreements and Declarations of Restrictive Covenants, to be amended. 8.B. - Page 1 of 120 164