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AB1600 and SB1693 further provide procedures for the collection and accounting of development fees. Government Code section 66001(d) provides that five years after collecting a development fee subject to AB1600 and SB1693, a local agency shall make findings that year and every five years thereafter, with respect to any portion of the fee remaining unexpended. The findings must identify the purpose that the fee is to be used and demonstrate a nexus between the fee and the purpose for which it was originally charged. The findings must also identify all sources and amounts of funding anticipated to complete the improvement and the approximate date that the improvement will be fully funded. After five years, a local agency is also required to refund the unexpended portion of the fee, and any accrued interest, for which a need cannot be demonstrated. Fiowever, when a city makes appropriate findings (including that the purpose for the developer impact fee remains), the city may retain the fee. Staff reviewed development impact fees collected five or more years ago and has determined that all funds held for more than five years are necessary to complete identified projects as shown below. Unexpended Funds After Five Years Miscellaneous Capital Improvement Fund (Fund 154) Amount collected in previous fiscal years subject to 5 year limitation: $805,892 Funds are committed to the following projects: • Firehouse Arts Center — project #038011 Description: This project consists of the construction of the Firehouse Arts Center. Approximate project completion date: September 2010 Project cost: $12,819,153 % funded by development impact fees: 4.8% Source of funding: Public Facilities Fees, Misc. General Fund CIP Funds (94.4 %), Pleasanton Cultural Arts Foundation Donations (.8 %) • Downtown Parking Improvements — project #018044 Description: Purchase of Alameda County Transportation Corridor (annual payment). Approximate project completion date: August, 2015 (final payment) Project cost: $7,500,000 (excludes interest) % funded by development impact fees: 8.4% Source of funding: Public Facilities Fees, General Fund CIP Reserves (22.0 %), NPID Reserve Funds (50.1 %), Downtown Parking -In -Lieu Fees (19.5 %) Neighborhood Park Development Fund (Fund 159) Amount collected in previous fiscal years subject to 5 year limitation: $772,633 Funds are committed to the following projects: • Staples Neighborhood Park — project #117033 Description: Construction of a 5 acre neighborhood park with a 3.3 acre storm water detention basin. Approximate project completion date: 2012 Project cost: $7,000,000 Page 4 of 6