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Page 6 of 7 <br />City of Redwood City 1017 Middlefield Road, Redwood City, CA. 94063 Tel: 650-780-7000 www.redwoodcity.org <br />For 1580 Maple Street, the letter states that the City will commit $5,000,000, comprised of $500,000 for <br />a pre-development loan and $4,500,000 for a permanent loan, with the permanent loan conditional upon <br />the City receiving the housing impact fees from the Elco Yards project and the ability to leverage funding <br />from other public sources. As noted above, the City is working collaboratively with the developments at <br />1548 Maple and 1580 Maple Street on the Blomquist Street Extension project and the City Manager will <br />have the authority to renegotiate the predevelopment loan term based on progress made on the <br />Blomquist Street Extension project. See Exhibit B of the attached Resolution (Attachment A). <br />EQUITY IMPACT STATEMENT <br />The NOFA prioritizes projects that include more than the threshold of 15% of units serving extremely low <br />income households by awarding additional points to projects with more than 15% extremely low income <br />units. Only applications for projects serving households at or below 80% AMI were considered for funding. <br />These criteria ensure that City-funded units target the housing needs of extremely low income households <br />in Redwood City. <br />The NOFA also prioritizes projects that provide units in excess of the statutory requirement for the <br />percentage of accessible units and provide on-site services. This encourages applications for projects that <br />meet the known need for housing for individuals with disabilities and services for households experiencing <br />long-term housing and income insecurity. <br />FISCAL IMPACT <br />All funds made available are budgeted expenditures in the 2025-26 Fiscal Year Budget. The funding <br />amounts for the City Loan are summarized in Table 2 above. There is no impact to the General Fund. <br />ENVIRONMENTAL REVIEW <br />This activity is not a project under California Environmental Quality Act (CEQA) as defined in CEQA <br />Guidelines, section 15378, because it has no potential for resulting in either a direct or reasonably <br />foreseeable indirect physical change in the environment. Furthermore, CEQA does not apply to the Rise <br />City Apartments, as it’s an SB 35 project and SB 35 projects are subject to ministerial project review under <br />Government Code section 65913.4 and are exempt from the requirements under CEQA. (Cal. Code Regs. <br />tit. 14 § 15268(a)(“Ministerial projects are exempt from the requirements of CEQA.”.) Rise City <br />Apartments is also subject to review under the National Environmental Protection Act (NEPA) in order to <br />receive HOME funding. The project has completed the public noticing process for environmental review <br />and received the Authority to Use Grant Funding (AUGF) from the U.S. Department of Housing and Urban <br />Development on July 15, 2025. CEQA applicability and review will be determined when 1580 Maple Street <br />resubmits for entitlements. <br />9.A. - Page 6 of 37 <br />472