The City Council approved an emergency ordinance to raise the fees for public facilities until the increase becomes final within two months.
The City Council has voted to increase developer fees from $2,618 to $4,888 per property to pay for public facilities. The 87% increase is needed to help pay for a new $63 million police station and $37.6 million civic center renovation.
Under the emergency ordinance, the increase will be in effect for 60 days -- the waiting period for the permanent ordinance to take effect. The city last increased public facilities fees two years ago, by 22%.
Continue Reading for Free
Register and gain access to:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
