Transportation and park impact fee rates for development were lowered under ordinances adopted by the City Council after a September 6 public hearing.
The new rates are aimed at encouraging development projects to move forward in today’s tight financing markets. Because of current financing constraints, projects have had more difficulty getting built. The lower impact fees provide more financing options for quality projects.
Transportation impact fees on development per vehicle trip are now $714 per citywide, with an additional $140 per vehicle trip in the Town Center. Previously, the rate per trip was $1,071 citywide, with an additional $210 in the Town Center.
Park impact fees on development are revised to $1,351 per residential unit. Previously, the rate was $2,027 per unit.
The City hopes that this will help the city’s Town Center Plan be achieved. The Town Center Plan calls for walker-friendly commercial and mixed use development close to the new Transit Center.
The lower impact fee rates will be in effect for three years, while economic conditions are recovering. The City Council will be considering another economic development incentive, a property tax abatement program for the Town Center and two other areas, on September 19, 2011.