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<br />City of Redwood City 1017 Middlefield Road, Redwood City, CA. 94063 Tel: 650-780-7000 www.redwoodcity.org
<br />The adjacent townhome development at 1548 Maple Street is responsible for the Blomquist Street
<br />Extension from Maple Street to Redwood Creek, per the Development Agreement with the City, which
<br />provides important site access for the 1580 Maple project. The City is working collaboratively with both
<br />developments, 1548 Maple and 1580 Maple Street, to ensure that road is built as planned. Additionally,
<br />the intent is for the City, County, and MidPen to continue working collaboratively to entitle the project
<br />and to assign the County’s ground lease option to MidPen in late 2026 or early 2027, positioning the
<br />project to move forward into construction. See Attachment C for the PAC summary for 1580 Maple Street.
<br />Funding Recommendations
<br />Staff recommend that the City Council approve the following funding recommendations. Refer to Table
<br />2 below for a summary.
<br />(1)Rise City Apartments - permanent loan(s) totaling $12,326,460, consisting of $7,960,000 ($3,310,000
<br />in housing impact fees and $4,650,000 in RDA LMIHF) plus the $4,366,460 previously awarded in
<br />February 2024. Additionally, staff is recommending changing the funding source of the $1,864,136
<br />awarded in 2024 from Affordable Housing Funds to RDA LMIHF, to ensure compliance with funding
<br />requirements and improve implementation flexibility for all the City’s housing initiatives and projects.
<br />The budgetary change was approved by City Council as part of the Fiscal Year (FY) 25-26 mid-year
<br />budget amendments.
<br />(2)1580 Maple Street – two loans totaling $5,000,000, including a $500,000 predevelopment loan from
<br />housing impact fees and $4,500,000 permanent loan from housing impact pees. The City has
<br />sufficient funding for the project’s predevelopment loan. However, funding the $4.5 million
<br />permanent loan is conditional on the receipt of Elco Yard’s housing impact fee payment.
<br />Predevelopment funds would support the project getting entitlements and further their design
<br />development. As previously noted, the City owns 1580 Maple Street.
<br />Table 2. Summary of Funding Sources & Funding Recommendations
<br />Project
<br />Requests for City
<br />Funding HOME RDA LMIHF
<br />Housing
<br />Impact Fee Total
<br />Request #1: February
<br />2024 $2,502,136 $1,864,324 $0 $4,366,460
<br />Request #2: May 2026
<br /> $0 $4,650,000 $3,310,000 $7,960,000
<br />Rise City
<br />Apartments
<br />Total $2,502,136 $6,514,324 $3,310,000 $12,326,460
<br />Request #1: May 2026
<br />(Predevelopment)
<br />$0 $0 $500,000 $500,000
<br />Request #1: May 2026
<br />(Permanent) $0 $0 $4,500,000 $4,500,000
<br />1580 Maple
<br />Street
<br />Total $0 $0 $5,000,000 $5,000,000
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