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12/21/2020 mitigate the impact of such projects on the need for affordable housing in the City (the "Affordable Housing Ordinance"). To ensure that future development projects mitigate their impact on the need for affordable housing in Redwood City, and to ensure that any adopted housing impact fees do not exceed the actual affordable housing impacts attributable to the development projects to which the fees relate, the City agreed to participate in the preparation of a nexus study through the countywide 21 Elements collaboration project. The City has received and considered reports from Strategic Economics and Vernazza Wolfe Associates, Inc., dated September 2015 entitled "Residential Impact Fee Nexus Study" and "Commercial Linkage Fee Nexus Study" (together, the "Nexus Study"). The Nexus Study uses widely used, appropriate methodology to determine the maximum amount needed to fully mitigate the burdens created by residential and nonresidential development on the need for affordable housing. To ensure that development projects remain economically feasible, the recommended housing impact fees are lower than the maximum amount needed to fully mitigate the burdens created by new development on the need for affordable housing as determined by the Nexus Study; C. All sources and amounts of funding anticipated to complete financing of incomplete improvements are listed in Table L, at the end of the Affordable Housing Impact Fee section of the Fees Report; D. The approximate date on which the funding is expected to be deposited into the appropriate fund is listed in Table L, at the end of the Affordable Housing Impact Fee section of the Fees Report. 4. Effectiveness. This resolution is effective immediately upon adoption. ATTY/RESO.0151/CC RESO ACCEPTING THE DEVELOPMENT IMPACT FEES FY 19-20 RESO. NO. 15925 REV: 12-14-2020 PR MUFF NO. 501 Page 5 of 5