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REDWOOD CITY FAIR AND AFFORDABLE HOUSING ORDINANCE <br /> <br />Economic & Planning Systems, Inc. 45 Impact on City Finances <br />to develop new job classifications as well as elevate or reclassify certain existing <br />positions to ensure adequate capacity for the program while continuing to <br />manage other housing programs. These HR-related costs include consultant costs <br />for classification and compensation studies and recruitment services for executive <br />level positions as well as a one-year contract Senior Human Resources Analyst <br />that would be tasked with recruiting, consultant support, onboarding activities, <br />and labor relations coordination. Based on preliminary City HR estimates shown <br />in Table 17, HR implementation costs total approximately $364,183. <br />Table 17. Human Resources Cost Estimates Summary <br /> <br />For purposes of this analysis only, repayment is assumed over a five-year period <br />using a 3.81 percent interest rate, consistent with the current Local Agency <br />Investment Fund (LAIF) rate 33. Under this assumption, annual repayment costs <br />would range from approximately $153,000 to $234,000 during the repayment <br />period. <br />If spread across all rental units, this would add approximately $9 to $15 per unit <br />per year during the repayment period. <br /> <br />33 3.81% is the current LAIF rate but the LAIF rate may fluctuate <br />Consultant Costs # of positions Cost/Position Total Estimated Cost <br />Position Study (Existing Position) 1 $3,200 $3,200 <br />New Classification Development 3 $6,000 $18,000 <br />Executive / Senior Management Recruitment 1 $34,500 $34,500 <br />Mi d-Management / Supervisory Recruitment 1 $33,325 $33,325 <br />HR Staffing Costs <br />$275,158 <br />$364,183 <br />1.0 FTE Contract Senior Human Resources Analyst <br />Total Estimated Cost <br />8.A. - Page 104 of 168 <br />114