AgdaPkt 2014-01-13 Interview, Closed and Regular

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7.1. G. - Page 18 by the addition of 900 public parking spaces available nights and weekends, to support the evening and weekend live and movie theatre scenes, once construction is complete. Housing continues to be the driving development in Downtown. In 2013 permits were issued for projects at: 145 Monroe Street (305 units), 601 Main Street (196 units), 525 Middlefield Road (471 units), 735 Brewster Street (18 units), and 439 Fuller Street (133 units). The Inner Harbor Specific Plan Task Force began its public process in May 2013. This 15- member committee is expected to complete the Inner Harbor Plan by summer 2014, which, along with its Environmental Impact Report, will be presented to the Planning Commission and City Council shortly thereafter. The Inner Harbor Plan area covers approximately 100 acres of waterfront property, some of which is privately held, other is owned by either the City or San Mateo County. Graniterock sold its 20 -acre Malibu Grand Prix property to the developer Jay Paul. Although the Jay Paul Company anticipates development of office buildings, they are committed to support the efforts of the Task Force and use the planning and environmental review as the springboard for their development plans. The City Council approved the Stanford in Redwood City Precise Plan and Development Agreement in September 2013. These approvals set the stage for the transformation of the 1960s era Ampex corporate campus into a modern office development focused on Stanford's non - academic office needs. The development at build -out will move the 35 -acre property from one containing 500,000 square feet of buildings to one with 1.5 million square feet of Class A office space. As part of the Development Agreement, Stanford committed funds for the study of Broadway as a potential streetcar or other such transportation corridor. This concept is anticipated in the City's General Plan and Stanford's commitment to alternative transportation modes will accelerate the City's decisions on future designs of Broadway. 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 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) being San Carlos employees with the management staff being Redwood City employees. In FY 2012/13, based upon the success of initial arrangement, Redwood City and San Carlos successfully negotiated a full merger of the two fire departments. This has resulted in all San Carlos fire department employees becoming Redwood City employees on July 1, 2013. The full merger is expected to generate both operational advantages and financial advantages for both cities. Appropriation Limit Article XIIIB of the California State Constitution, which became effective in FY 1979/80, and which was modified (by Proposition 111) in November 1989, establishes, by formula, an appropriation limit for governmental agencies. Using the appropriations of FY 1978/79 as the base year, the limit is modified by the change in the composite consumer price index, population, and the value of commercial property development within the City limits during each fiscal year. Article XIIIB also sets the guidelines as to what is to be included in the appropriation limits. The appropriation limit for Redwood City for FY 2012/13 was at $515,216,485 while the actual appropriations subject to the limit amounted to $69,000,000. The substantial increase from FY 2011/12 is primarily due to the iv