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
Rolled Back Rates Residential – Went into effect - January 22, 2008 – 1 year period Commercial – Went into effect - February 12, 2008 – 1 year period
List of Approved Developments Pages 4 & 5 These projects could apply for permits in the near future If before February 12 th – would pay rolled back Impact Fees 7 projects greater than 50,000 square feet 36 projects less than 50,000 square feet
Impact Fee Analysis Pages 8 & 9 Uses actual data from June 2007 through November 2007 Compares revenues using lower and higher rates Significant variance
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
More Recent Data – Jan – Mar 2008
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.
Commercial – sorted by SF
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.
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
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
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
Impact Fee Ordinance Changes Require a public hearing 90 day period before the change goes into effect