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6.1.F. - Page 19 The City's bay front communities continue to be development hotbeds. The Pauls Corporation project at One Marina is progressing to completing its initial 231 housing units. The same development group just received approval for development of 411 units of housing on the former Pete's Harbor site. In December 2011, Mayor Aguirre participated in the Mayor's Institute of City Design charette program, presenting the City's Inner Harbor area as a development site. The City owns approximately 20 acres and an additional 8 acres, or so, of the Docktown Marina will be evaluated and planned as part of a year-long Precise Plan process. Critical to the success of the Inner Harbor Precise Plan, Graniterock recently placed 20 acres of its property for sale. This development site is situated along Highway 101 and adjacent to the City's Inner Harbor properties. The integrated planning and development of these nearly fifty acres of Bay front property with freeway visibility will be a major economic driver for the City likely beginning in early 2014. Stanford's Precise Plan and accompanying EIR and Development Agreement should be reviewed by the Planning Commission and City Council in early 2013. Development of this 35-acre campus will occur in phases, depending upon market forces. As the office market improves, Stanford will move forward with the design of its new buildings. Development at this end of Broadway serves as an anchor and a counterpoint to the development in Downtown at the western end of the street. The City is considering the development potential of its Corporation Yard, located on Broadway at Woodside Road. Sale and redevelopment of the Redwood Plaza shopping center immediately across Broadway from the corporation yard is also anticipated to begin in 2013. Consequently, Broadway becomes a development artery connecting downtown residences to jobs and shopping along a single redeveloping corridor. Relevant Financial Policies In April 1999 the City Council adopted a policy targeting the unreserved portion of the general fund's fund balance designated for subsequent year's expenditures to fall within a range from 15%to 20%of anticipated general fund revenues. As a result of implementing GASB 54 these amounts are now reported under the category "Unassigned Fund Balances" under the subcategory"City Council directed minimum balance." In November 2011 the voters approved two ballot measures that resulted in increasing two municipal revenues; the business license tax and the transient occupancy tax (TOT). The business license tax had not been increased since 1994 and had over 50% its purchasing power eroded by inflation over the ensuing years. The voters approved a ballot measure to increase this tax by approximately 17% annually for three years beginning on July 1, 2012. After the third year the tax will increase annually by changes in the consumer price index. It is expected that this increase will generate an additional $233,000 in general fund revenue in FY 2012/13. Similar increases are expected in FY 2013/14 and FY 2014/15. The voters also approved an increase in the TOT rate from 10% to 12% which will keep Redwood City's TOT rate current with other San Mateo County cities. It is expected that this increase will generate an additional $685,000 in general fund revenues in FY 2012-13. In FY 2011-12 Redwood City entered into a contract to manage fire and first responder emergency medical services for the City of San Carlos, the city immediately adjacent to the north of Redwood City. All staff below the command level (Battalion Chief) are San Carlos employees while the management staff are Redwood City employees. This contact has generated about $1.1 million of revenue for Redwood City in FY 2011/12 and is expected to generate about $1.5 million of revenue in FY 2012/13, the first full year the contract will be in effect. v