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Page 4 of 8 <br />City of Redwood City 1017 Middlefield Road, Redwood City, CA. 94063 Tel: 650-780-7000 www.redwoodcity.org <br />In addition to the three primary goals listed above, any future development of Lot B should integrate well <br />with the City’s Downtown Library and the future park anticipated on Lot A. This could be achieved by <br />connecting a pedestrian pathway consistent with the concept planned for Lot A. As for integration with <br />the library, there are options for how the plaza in front of the library could connect to a similar public <br />space in front of a new building on Lot B, if developed. <br />Each development scenario yielded different results, providing a range of affordable housing units, public <br />parking, and commercial space. Generally, the scenarios varied 6 to 8 stories above grade (some with one <br />level of underground parking), between 70 and 104 affordable housing units, between 74 and 100 public <br />parking spaces (compared to the 98 on site presently), and a modest amount of commercial office space <br />that may be used for City purposes. <br />Table 1 summarizes the primary elements of the scenarios studied by the RSG team: <br />Table 1: Development Scenarios Studied <br />Scenario C1 Scenario C2 Scenario R1 Scenario R2 Scenario R3 <br />Stories 7 total (one <br />below grade) <br />8 total (one <br />below grade) <br />7 total 8 total 8 total (one <br />below grade) <br />Residential <br />Yield <br />70 units 86 units 101 units 104 units 101 units <br />Commercial SF <br />for City use <br />3,370 3,370 1,445 1,445 1,445 <br />Parking Public: 74 <br />Residential: 60 <br />Public: 74 <br />Residential: 60 <br />Public: 98 <br />Residential: 0 <br />Public: 98 <br />Residential: 52 <br />Public: 100 <br />Residential: 52 <br />The scenarios shown in Table 1 will be presented with greater detail, including basic renderings, during <br />the City Council meeting on May 11, 2026. <br />Financial Feasibility1 <br />For affordable housing developments of this scale and in this market, financial feasibility depends on the <br />level of tax credit and bond financing a project can secure, as well as the amount of State and/or local <br />subsidies required (including land contributions). In general, the affordable housing components of these <br />scenarios are considered feasible with State and/or local subsidies ranging from $150,000 to $200,000 per <br />unit, excluding the value of any land contribution. These estimates are consistent with costs the City is <br />experiencing for comparable affordable housing developments in Redwood City. <br />1 It is worth noting that the initial financial feasibility analysis prepared by RSG should be viewed as a high-level <br />assessment intended to determine whether an affordable housing development on Lot B is generally feasible. <br />More detailed and refined financial assumptions will emerge once the City receives formal proposals from <br />affordable housing developers, who bring deeper, project-specific expertise in this sector. <br />9.B. - Page 4 of 8 <br />507