AgdaPkt 2006-01-09 - Laserfiche WebLink

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.7.z A-ð' committed in its entirety to the Blomquist project, such a commitment would not be in the best interest of the City for the following reasons: . Such a commitment is insufficient to complete the project, and direct contributions from private sector development on the east side of US 101 are intended to complete financing, rather than expending only public sector funds; . As private sector development on the east side of US 101 has not yet materialized, private sector funding is currently incapable of filling any gap in funding for this project; and . The use of all current funds in the Transportation Impact Fee account for the Blomquist project would negate the possibility of completing any other transportation improvements identified in the Transportation Impact Fee program. While the timeframe for the adjacent property development cannot be predicted with certainty, some development activity is currently anticipated to commence within the next three to five years. Government Code section 66006(b)(1 )(F) requires the development impact fee financial report to include, "identification of an approximate date by which construction of the public improvement will commence if the local agency determines that sufficient funds have been collected to complete financing on an incomplete public improvement.. .." Sufficient funds have been collected to complete financing on the following incomplete public improvements, with the approximate date by which construction will (or did) commence identified for each: . Pedestrian Crosswalk Warning Lights Program - One additional location fully funded (2 locations previously constructed) - February 2006 . Veterans/Middlefield Traffic Signal - October 2005 (95% complete as of December 2005) A comprehensive Transportation Impact Fee Study Update is currently being conducted, and should be complete in Spring 2006. The scope of this 5-year update includes the following: . Update land use quantities and patterns for anticipated development in the city. . Re-evaluate the list of transportation improvement projects to be funded by the fee, and revise the list as appropriate to reallocate the fee to projects that mitigate the traffic impacts of new development within Redwood City, but also reflect the City's goals to balance a variety of considerations, including safety and convenience for pedestrians, bicyclists, public transit, and vehicle traffic, as well as aesthetic design. . Update cost estimates for the transportation improvement projects remaining on the list, and incorporate along with updated land use projections and revised list of improvement projects, to formulate adjustments to the schedule of fee amounts imposed on new development.