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investment to improve the waterfront, resolve flooding ,problems, and improve access. • Subdivided Tots of irregular form and shape and inadequate size for proper usefulness and development that are in multiple ownership. o Public Parking Facilities in the Downtown Subarea will support development of the many parcels in the area that are too small to accommodate development that includes parking necessary to support such use. • Prevalence of depreciated values, impaired investment, and social and economic maladjustment. o Public Parking Facilities would enable private investment in the Downtown Subarea, as many parcels are too small to accommodate development that includes parking. o Depot Circle is a public investment necessary to bring private investment forward to address the under - utilized, vacant, and otherwise blighted development pattern of the Downtown Subarea. Currently Redwood City's CalTrain Station and SamTrans bus service converge in the heart of the Downtown; however, they are not easily accessed or oriented to potential development. o The Grand Boulevard — El Camino Real Streetscape Project improvements would facilitate private investment that would develop obsolete, underutilized properties along the corridor where commercial development languishes and vacancies are evident. o The Hoover Mobility Project would assist in addressing a neighborhood in great need of investment. Creating better mobility for the community would encourage investment in the area. o Marina Area Planning Study is evaluating the condition and needed public investment to revitalize the waterfront, including resolving flooding problems and improving access. b. Although the City is able to aid and assist the Agency by undertaking the Public Improvements and initially providing the funds necessary for the acquisition of land or the construction or installation of the Public Improvements, the City Tacks the resources necessary to permanently fund the Public Improvements from the General Fund, and other potential sources of funds are no longer available or are inadequate. The City's General Fund continues to be eroded by increased insurance and liability costs and State mandated programs which are not fully funded by the State. Further, there has been a marked decline in tax revenues and the availability of State and federal grants over the past several years. ATTY /RESO.2117 /RWC AGENCY PUBLIC IMPROVEMENTREIMBURSEMENT AGREEMENT RD #11 -03 030711 MUFF #405 4