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F. The City Council finds that the estimated cost of <br />accommodating the increased traffic through street widening, <br />installation of traffic signals and other traffic mitigation i.s <br />$30,000,000 in 1988 dollars. However, traditional transportation <br />improvement funding sources will not keep pace with the need for <br />and cost of street improvements caused by new development., The <br />City therefore determines that it is appropriate and in the public <br />interest to require that all new developments contribute to the <br />cost of mitigating traffic problems by imposing a Development Fee <br />for Street Improvement. The City has determined that it shall <br />raise a portion of the needed funds through funding mechanisms <br />other than the development fee, such as property taxes, special <br />assessment districts and state and federal subventions. Although <br />the City has the authority to adopt a fee structure designed to <br />fully fund the needed public -improvements, the.City Council finds <br />that such a fee structure could be a disincentive to planned <br />growth. The City has chosen a fee based upon projected p.m. peak <br />hour trips generated. This fee will raise approximately one-third <br />of the projected cost of providing the needed traffic <br />improvements. <br />G. The purpose of the fee is to'provide funds for <br />increasing street capacity to accommodate additional traffic <br />generated by new development. Fee revenues will only be used for <br />this purpose. <br />-3- <br />