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2004 SESSION

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HB 482 Residential development; imposition of impact fees.

Introduced by: Mark L. Cole | all patrons    ...    notes | add to my profiles

SUMMARY AS INTRODUCED:

Impact fees for residential development. Allows localities to adopt an ordinance providing for payment of impact fees for residential development. The impact fee shall be in an amount representing the proportional total or partial cost of capital improvements reasonably related to the transportation, education, and public safety needs for public facilities generated by the additional residential development. However, in no event shall the impact exceed five percent of the sale price of the property, or five percent of the assessed value if the property is not being sold, or $10,000, whichever is less. No impact fee shall be assessed unless the capital improvements related to the additional development have been included in the locality's capital improvement program. All impact fees collected shall be used by the locality for the purpose of completing capital improvements specified in the ordinance.


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