RDA Min 1992-08-31 - Laserfiche WebLink

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---- --. ---~ - ~ -_..-- -_-_--n Staff recommends that the Board make the above findings, as contained in the Resolution of Necessity for the following reasons: Public interest and necessity require the proposed project. The subject parcels were incorporated into Redevelopment Project No.2 in 1982 and 1985. This action was based upon the finding that the area was blighted, as defined in the Community Redevelopment law. In october 1984, the Agency entered into the first Exclusive right to Negotiate (ERN) for the redevelopment of this area. The proposed project would remove the existing uses and replace them with a new 156,000 square foot shopping center and 312 space underground parking structure for train commuters. The public interest is served by the removal of uses which in recent years have produced approximately $45,000 in property tax for a use which is estimated to produce $380,000 in its first year of full operation; and a project of this scale is necessary to remove all the blighting conditions at one time. The project also will result in the removal of toxic contamination found on both parcels. Public interest and necessity therefore require the proposed project because it wi 11 remove exi st i ng b1 i ght i ng condit ions and replace them with uses which, over the long term will provide additional revenues to the City and Agency, upgrade the image of El Camino Real and the adjacent Downtown and provide the residents of Redwood City with enhanced shopping opportunities, as well as interim and permanent employment opportunities. As the first large scale redevelopment project in the Downtown Redevelopment Sub-Area, this project will act as a catalyst for other developments in the area. The proposed project is planned or located in the manner that will be ~h~ most compatible with the greatest public good and the least private lnJury. The proposed project consists of the 156,000 square foot shopping center and the adjacent Ca1train Station. The 312 space underground parking structure will be built under a portion of the shopping center. Given the interaction of the two uses, alternate sites were not possible. Both the station and the shopping center were located to serve the shoppers and commuters of Redwood City. The shopping center will be of high design quality and the new Caltrain Station will be a significant improvement on the present facilities. The project does the least private injury because no more land was involved than necessary to implement the plan; because much of the site was vacant (including specifically the Syme parcel) and could be assembled without any relocation impacts; and because the remaining parcels will be offered acquisition and relocation assistance as prescribed by law. Redevelopment Agency Minutes MINUTE BOOK NO.1 August 31, 1992 Page 92 Page 3