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5.1 C - �Z <br />In regard to requirement eight, the report describes a loan made from the account. In <br />January 2003, a loan of $6 million in cash from the Traffic Mitigation Fee Fund was <br />advanced to the Redwood City Redevelopment Agency to begin work on public <br />improvements for the City's Downtov. Redevelopment Project prior to the issuance of <br />�ionds to fund those improvements. Tha loan was repaid with interest in November 2003. <br />With respect to requirement nine, no findings are required for the transportation impact fee. <br />Government Code Section 66001(d) does not require findings with respect to the <br />unexpended portion of fees until the fifth fiscal year following first deposit, which deposit did <br />not occur until Fiscal Year 1999/2000 for the City's transportation impact fee account. <br />Copies of the Account Report have been available to the public in the City Clerk's office <br />since November 21, 2003. <br />Briefly summarizing the overall account activity, from inception of the Transportation Impact <br />Fee Ordinance through Fiscal Year 2002/2003, the City had collected $6,413,602 in fees, <br />and had expended $734,332 on public improvements. The account balance at the end of <br />the fiscal year was $6,605,612 (including interest income and investment gains/losses). <br />Fiscal Impact <br />None. This mer l satisfies State rep ing requirements for development i act fees. <br />�+ Rich 'r K/. aygo Bruce Liedstrand Evere <br />raffi Engineer Community Development Services Director City Manager <br />I <br />V PK-! ss <br />R mvaccumenrs/Traffic Fee Ordmance12002 -2003 Traffic Fee Account Staff Report <br />-2- <br />