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Page 6 of 7 <br />City of Redwood City 1017 Middlefield Road, Redwood City, CA. 94063 Tel: 650-780-7000 www.redwoodcity.org <br />FISCAL IMPACT <br />The recommended actions have no significant anticipated impact to the City’s General Fund. <br />The proposed partial acceptance of improvements and associated bond reduction would reduce the <br />developer’s performance and labor and materials securities from $37,176,856 to $18,588,428. The <br />remaining bond amount is sufficient to complete all outstanding public improvements and to protect the <br />City from potential damage to newly constructed infrastructure during future construction activities. <br />The City assumes ongoing operational and maintenance responsibilities for the accepted public <br />improvements, including streets, utilities, and associated infrastructure. These responsibilities are <br />consistent with standard City practices for publicly dedicated improvements and with no significant <br />additional fiscal impact. <br />Authority to execute the license agreements with JPB will require staff time to prepare and an annual <br />license fee of $5,000 for each of the domestic water and recycled water pipelines. These costs will be <br />incorporated into the City’s utility infrastructure maintenance budget. <br />ENVIRONMENTAL REVIEW <br />This activity is not a project under California Environmental Quality Act (CEQA) as defined in CEQA <br />Guidelines, section 15378, because it has no potential for resulting in either a direct or reasonably <br />foreseeable indirect physical change in the environment. <br />PUBLIC NOTICE <br />Public notification was achieved by posting the agenda, with the agenda items being listed, at least 72 <br />hours prior to the meeting. <br />ALTERNATIVES <br />The City Council may consider the following alternatives: <br />1. The City Council may maintain the original SIA provisions which limit bond reduction to 25 percent <br />prior to full completion of all improvements. The City would maintain financial guarantees beyond <br />what is needed to complete the project’s remaining infrastructure needs. The developer would be <br />required to maintain the high bond level until all improvements are completed. This may negatively <br />affect the developer’s ability to sell the remaining residential parcels and delay construction <br />completion of the residential components of the project. <br />7.G. - Page 6 of 104 <br />104