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Jack Greenalch, 111 Wellesley Crescent, Redwood City, former Redwood City Mayor and Chairman of the Main/Middlefield Project Committee acknowledged his committee colleagues: Mayor Gasparini, Councilwoman Howard, former Planning Commissioner Dean, President of Redwood Shores Properties, Inc. Don Warren, Community Leader Fernando Vega, and Architectural Review Committee Member Morrison. Staff assistance was provided by Housing Coordinator Jones-Thomas. Chairman Greenalch described the process the Committee used to reach their recommendation, and described the two excellent organizations that competed for this project, Bridge Housing Corporation and MidPeninsula HousinglRaiser Corporation (MRC). Chairman Greenalch advised that the Committee voted unanimously to recommend the MidlPeninsulalRaiser Corporation (MRC) proposal and the commencement of negotiations. Chairman Greenalch described the opportunities for public input, and the economic analysis provided by Keyser Marston Associates. Chairman Greenalch stated that their decision was based on five items: I) The process followed by each of the presenters, which of the two proposers did the best to solicit input nom the larger Redwood City community and in particular, the downtown area. 2) The design submitted by MRC does the most to compliment the historic nature of downtown. 3) The economics of the proposal definitely favored MRC. The Redevelopment Agency will be asked a donation of the land up nont, or a lease of the land, that will be paid back by MRC over 20 years at a 3% non-compounded interest rate. They are not asking for any financial assistance for the retail component of the development. The other proposer wanted the Agency to fund the retail component and fund the basic construction loan. 4) MRC's proposal does the most to address the Council's directives, including the opportunity for non-profits to be involved in the project without additional expenses to the Agency. The proposal includes a child care center and a cultural center, and is more compatible with what is happening downtown and a MRC had made a conscious attempt to link the development with Sequoia Station. 5) The final reason is that both MidPeninsuia Housing Coalition and the Raiser Corporation are local partners with a proven track record, and they are willing to reinvest approximately 1/2 of the developers fees back into this project. Chairman Greenalch explained the application for tax credits that needed to be done by mid-March and why time is of the essence. Chairman Greenalch called this proposed housing development extremely significant and stated it could be an important building block in the revitalization of downtown Redwood City. In response to Council questions, Fran Wagstaff of MidPeninsula Housing Coalition stated that there was sufficient space between the development and the Cliff Hotel; MRC is asking for transfer of title with repayment of the land loan based on an appraisal, and repayment would come nom surplus cash nom the entire development over 20 to 30 years, it would be a function of how well the retail does and all the rents would be targeted to generate cash flow to pay back the loan, they are not looking for the owners of the development to make any money; of the children attending day care, 20% would be MINUTE BOOK NO.1 Special Redevelopment Agency Meeting Minutes Page No. 252 January 30,1995 Page 2