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Annual and Five-Year Development Impact Fee Report <br />Fiscal Year Ending June 30, 2024 <br />City of Redwood City 4 <br />The City’s current, adopted FY 2024-29 Five-Year Capital Improvement Program can be found on <br />the City’s website at www.RedwoodCity.org/CIPProjects. <br />As a CIP project is identified, the project is evaluated to determine the portion of the project that <br />will serve existing residents and businesses versus new development. This analysis is used to <br />determine the portion of the project that is eligible to receive impact fee funding. The anticipated <br />funding and commencement dates for projects are indicated and may be adjusted, as needed, to <br />reflect the needs of the community, funding constraints, and development priorities. Any <br />modification of impact fee funding within the CIP requires Council action. Mid‐year CIP budget <br />adjustments may occur as needed wherein staff seeks City Council approval to modify the CIP <br />list of projects, or to modify the budget allocated to specific CIP projects. <br />AB 602 provides further specification and requires adoption of a CIP along with the adoption of a <br />fee program for all fee programs adopted on or after January 1, 2022. Under Government Code <br />66016.5, AB 602 requires that “large jurisdictions shall adopt a capital improvement plan as a <br />part of the nexus study.” <br />6.A. - Page 13 of 55 <br />18