AgdaPkt 2004-12-13 - Laserfiche WebLink

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� ' �/ ^ � One component of the Plan is, therefore, documentation of the specific projects and actions that will be undertaken to generate the required number of affordable units over the next 10-year period. A second component is general policies and procedures that the City and Agency plan to pursue to increase and encourage the production of affordable housing in the Project Area over the next 10 years. a. Specific Projects and Actions To estimate the number of units that will likely need to be produced in the Redwood City Redevelopment Project Area #2 within the next ten years and through the life of the Plan, the Agency has evaluated the status of sites that area: ■ Under construction; ■ Under the control of the Agency; ■ Have submitted development proposals; ■ Identified in the Housing Element as potential housing sites with the Project Area; or ■ Have the potential for residential development based on recent local development trends. Based on this assessment, the Agency has identified the following two specific projects to be developed over the next five years: ■ E/ CaminoNera Project— This project will provide 58 new, affordable rental units and 8 affordable ownership units for non-seniors. The Agency is continuing negotiations with First Community Housing and Habitat for Humanity regarding the development of this site. It is anticipated that disposition and development agreements will be brought forward for Council/Agency Board action during FY 2004/05. Fifty-seven (57) of the units will be restricted at very low-income prices and rents and one unit will be restricted at moderate-income levels. The project is expected to be completed by 2006. ■ Bradford Street Project — The Agency has acquired one of three parcels needed for this project and is waiting for the completion of an appraisal for the second parcel. The third parcels is City-owned. It is anticipated that the project will provide for 50 to 76 very low- income units. The project is anticipated to be completed in 2008. In addition to these two specific projects, the Agency will also undertake the following actions to encourage and assist the production of low- and moderate-income housing in the Project Area: ■ In 2003, the City completed a draft Downtown Area Plan, which encompasses 479 acres that are virtually coterminous with the City's redevelopment area. The Plan calls for the development of approximately 2,670 to 3,400 new housing units over the next 20 years in close proximity to the downtown core. It is estimated that approximately 600 new Keyser Marston Associates, Inc. 18610.001\030.003; 12/6/2004; DRAFT 23