Agda Pkt 2025.12.08 Joint SA PFA

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Page 2 of 8 City of Redwood City 1017 Middlefield Road, Redwood City, CA. 94063 Tel: 650-780-7000 www.redwoodcity.org STRATEGIC PLAN GUIDING PRINCIPLE Housing Transportation BACKGROUND On April 15, 2024, the City Council adopted the Two-Year Economic and Workforce Development Plan (Plan) to guide the City’s economic development efforts through FY 2025–26. One of the Plan’s guiding principles is to explore ways the City can offer flexibility to help applicants navigate the uncertainties of the current financial market. On September 8, 2025, the City Council approved the Affordable Housing Incentive Program (Program), which provides developers of eligible projects with a slight reduction in affordable housing requirements if their project advances in a timely manner. Although projects subject to a Development Agreement, including this one, are not eligible for the Program, staff have continued to meet with applicants of stalled projects to better understand how the City can assist in moving these developments forward, ensuring progress toward the City’s housing and infrastructure goals. In 2016, Strada Investment Group (former Developer), applied to develop 131 townhomes with associated site and landscape improvements including construction of a new Bay Trail and the Blomquist Street Extension from Maple Street to the Redwood Creek, (Project). The townhomes are clustered within 20 three-story buildings with attached garages and include 88 two-bedroom units and 43 three-bedroom units. The City Council approved the Environmental Impact Report (EIR) and a Mitigation Monitoring and Reporting Program (MMRP), land use entitlements, and plans for Project on May 7, 2018. The City Council also approved a Development Agreement (DA) for the Project on May 21, 2018. (Links to the various Project approvals and plans, including the EIR and Development Agreement, are available on the project development page here.) A Development Agreement is a voluntarily negotiated contract authorized by State law between a local jurisdiction and an applicant detailing the obligations of both parties and specifying the standards and conditions that will govern development of a project. A Development Agreement will generally vest or ‘lock in’ for the term of the agreement the land use entitlements, development rules and regulations and fees in effect at the time of approval of the agreement, subject to any fee increases specified in the agreement. In exchange for these benefits, the City obtains community benefits. The Project Development Agreement, among other things, provided for the following community benefits: (1) Developer to construct and maintain the Bay Trail and waterfront improvements in connection with the Project; (2) Developer to relocate and restore the water tank located on the Property; (3) Developer, at its expense, to construct and/or fund the construction of the Blomquist Extension from Maple Street to Redwood Creek; (4) Developer to underground certain utilities; 9.C. - Page 2 of 56 546