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DESCRIPTION OF THE APPROVED PROJECT <br /> <br />Shea Homes Limited Partnership (Shea) and Irvine Apartment Communities, L.P., (IAC) are proposing <br />to redevelop an approximately 17-acre area bounded by Jefferson Avenue to the north, the Caltrain <br />tracks to the east, Maple Street to the south, and E1 Camino Real to the west in Redwood City. The <br />Project Site is located within the boundaries of the 1,017-acre City of Redwood City Redevelopment <br />Project Area No. 2 (the Redevelopment Project Area) and the 25-acre Franklin Street Area Plan area <br />established in 1994. <br /> <br />The Franklin Street Project consists of the development of approximately 506 dwelling units, <br />approximately 45,370 square feet of new commercial/retail space, and 35,000 square-feet of <br />replacement commercial/warehouse space. IAC is proposing to build 206 apartment units and <br />approximately 4,800 square feet of retail space. The apartment units would be constructed in three and <br />four-story buildings over one and two levels of structure parking. Shea is proposing to develop two <br />for-sale residential products including 84 three-story townhomes and 216 condominium units or flats in <br />four-story buildings, and approximately 40,570 square feet of commercial/office space (including <br />approximately 8,570 square-feet of retail space and approximately 32,000 square feet of office space). <br />Monroe Street would separate the apartment units from the for-sale product. Similarly, Franklin Street <br />would separate the two for-sale products, with the 84 townhomes located along the east side of Franklin <br />Street, and the four-story condominium buildings located at the west end of Franklin Street. The <br />residential component of the Project would include the provision of 15 percent affordable housing, for <br />a total of 76 affordable housing units. <br /> <br />RECORD OF PROCEEDINGS <br /> <br />The Redwood City Redevelopment Agency has reviewed the Initial Study and Mitigated Negative <br />Declaration for the Franklin Street Project and has considered the record of proceedings for the <br />Project. In addition to this Statement of Findings, the record of proceedings for the proposed Project is <br />composed of the following elements: <br /> <br /> Archaeological Resources Review for Initial Study Franklin Street Project City of <br /> Redwood City, San Mateo County, California. Prepared for Morrison & Foerster LLP <br /> by Basin Research Associates, Inc. November 1998, revised January 1999. <br /> <br /> City of Redwood City Strategic General Plan. Prepared by the City of Redwood City. <br /> Adopted January 22, 1990. <br /> <br /> Draft Environmental Impact Report for the Franklin Street Area Plan and Rezoning. <br /> Prepared for the City of Redwood City by LCP Associates. October 1995. <br /> <br /> Final Environmental Impact Report for the Franklin Street Area Plan and Rezoning. <br /> Prepared for the City of Redwood City by LCP Associates. March 1996. <br /> <br /> First Quarter 1998 Groundwater Monitoring Report Sequoia Station Retail Center. <br /> Prepared by Einarson, Fowler & Watson. April 1998. <br /> <br /> Franklin Street'Area Plan. Prepared for the City of Redwood City by LCP Associates <br /> Planning Consultants. January 1994. <br /> <br />FRANKLIN STREET PROJECT -4- Findings <br /> RD99-21 <br /> <br /> <br />