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Wate r Rate I n c rease - Bac k ro u n d <br /> g <br /> • January 24, 2005: City Council <br /> approved the Redwood City Water <br /> Fi nanci ng Plan — 2004 U pdate, <br /> including: <br /> — Conceptual approval of a 12% water rate <br /> increase, or a revenue increase of $2.1 <br /> million per year <br /> 3 <br />