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Impact Fee Update

Impact Fee Update. April 22, 2008. Overview. Provide additional information to the Board Consultant study in 2006 – Impact Fees were increased for the first time in over 10 years Depressed new housing market led to rolling back Impact Fees - 2008. Rolled Back Rates.

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Impact Fee Update

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  1. Impact Fee Update April 22, 2008

  2. Overview • Provide additional information to the Board • Consultant study in 2006 – Impact Fees were increased for the first time in over 10 years • Depressed new housing market led to rolling back Impact Fees - 2008

  3. Rolled Back Rates • Residential – Went into effect • January 22, 2008 – 1 year period • Commercial – Went into effect • February 12, 2008 – 1 year period

  4. List of Approved Developments • Pages 4 & 5 • These projects could apply for permits in the near future • If before February 12th – would pay rolled back Impact Fees • 7 projects greater than 50,000 square feet • 36 projects less than 50,000 square feet

  5. Impact Fee Analysis • Pages 8 & 9 • Uses actual data from June 2007 through November 2007 • Compares revenues using lower and higher rates • Significant variance

  6. Impact Fee Analysis • Conclusions: • Six month data shows $12.9M less revenue under rolled back rates, however, residential CO’s decline each month • Commercial CO’s more inconsistent

  7. More Recent Data – Jan – Mar 2008

  8. Commercial Review of commercial CO’s – at the 50,000 s.f. point 66 total Commercial CO’s - 66 under 50,000 s.f - 3 over 50,000 s.f.

  9. Commercial – sorted by SF

  10. Impact Fee Survey • Budget Office surveyed other Florida Counties regarding any changes to impact fee’s over the past 12 months, specifically related to the depressed Market.

  11. Survey – mixed results • 4 – Considering lowering • 1 – Rates Frozen • 3 – Considering increasing • 1 - Suspended rates entirely • 4 – Considered lowering, but rejected • 2 – increasing rates • 1 – delayed a planned increase • Other Counties have not considered yet

  12. Impact Fee Project List • Significant part of the CIP 7% • Buildings, Library, Parks, Roads, Sheriff • Short-term declines now have impacts to smaller projects • Other larger projects (Roads) – the concept is to borrow and re-pay with Impact Fees – specifically Midway and Winchester

  13. Options with Impact Fees 1. No Change – keep fees rolled back through the one year period 2. Keep residential rolled back – reverse the commercial rollback 3. Keep residential rolled back Commercial > 50,000 sf– reverse the rollback Commercial < 50,000 sf – keep at rollback 4. Reverse rollback for all – residential and commercial

  14. Impact Fee Ordinance Changes • Require a public hearing • 90 day period before the change goes into effect

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