AgdaPkt 2003-12-08 - Laserfiche WebLink

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i 51c -5 In addition to specific projects and locations, the City of Redwood City's capital improvement plan includes flexible transportation mitigation programs that cannot specify in advance a particular improvement or location with an established estimated construction date. Thus, part of the fee is applied toward a series of capital improvements and traffic reduction measures, such as crosswalk warning lights, traffic :aiming measures, shuttles, and other projects, which will be built or operated between now and the year 2020, but for which no specific dates of construction or implementation can be identified at this time. Because the City of Redwood City needs many transportation improvement projects that can adapt to evolving conditions caused by growth, a more complex system of administration with a 20 -year horizon is required. It is not possible for the City of Redwood City to state whether sufficient funds have been collected to complete financing, or to identify the dates of construction or implementation, for each transportation improvement to be funded by impact fees. However, the following ongoing programs, which are funded by transportation impact fees, have already constructed some improvements or commenced operations, and sufficient funds have been collected to continue to construct such improvements and/or operate such services for the next several years, which the City plans to do: • Traffic Calming Program • ADA Ramp Program (sidewalk improvements) • Bus Shelter /Bus Stop Tumout/Transit Enhancements Program • Shuttle Bus Services Further, sufficient funds have been collected to complete financing on the following incomplete public improvements, with the approximate date by which construction will commence identified for each: • Pedestrian Crosswalk Warning Lights Program — One additional location fully funded (2 locations previously constructed) — October 2005 • Blomquist Extension (pending significant funding contribution by anticipated development in adjacent Bair Island Road area) — April 2006 • Veterans /Middlefield Traffic Signal — July 2005 Government Code section 66006(b)(1)(G) requires the development impact fee financial report to include "a description of each inter -fund transfer or loan made from the account or fund." In January 2003, a loan of $6 million in cash from the Traffic Mitigation Fee Fund was advanced to the Redwood City Redevelopment Agency to begin work on public improvements for the City's Downtown Redevelopment Project prior to the issuance of bonds to fund those improvements. The loan was repaid in November 2003, with interest paid at the rate established by the State of California Local Agency Investment Fund.