Laserfiche WebLink
THE C I t Y O F Attachment 1 <br />p !~-`. ! <br />...... ~u ~ iii.lfliii nl:•~~~ ~ !!! <br />~L~~~~NTON. <br />PROGRAM FOR DEFERRING THE PAYMENT <br />OF CITY DEVELOPMENT IMPACT FEES <br />FOR RESIDENTIAL DEVELOPMENT <br />Purpose. The deferral of development impact fees can be a significant factor regarding <br />whether it is economically feasible to start construction on a residential development, <br />particularly in this time of contraction in the credit markets. <br />Allowing construction to commence with a deferment may benetit the City by: (a) <br />accelerating increases in property tax valuation due to assessment as improved land or <br />increased property value through a sales contract; (b) collection of sales taxes on building <br />materials purchased locally; (c) revenue from business license taxes from contractors and <br />design professionals; (d) employment of construction personnel and their spending in the <br />local area; and (e) increased business activity when owners and purchasers seek to <br />furnish their new home prior to occupancy. <br />The State recently passed legislation which allows for the deferral of development <br />impact fees for residential development. (See AB 2604.) <br />Program. <br />I) Developments Oualif~g for Pro rg arn. Residential development projects which may <br />qualify for the deferment program include: (a) single-family detached homes; (b) <br />single-family attached homes such as duets, condominiums, townhouses, (c) second <br />units, (d) multi-family developments such as apartment buildings; and (e) residential <br />development units within amixed-use development. <br />Projects which do not qualify for this program include (extended stay) hotels, motels, <br />and nursing homes. <br />2) Persons and Entities Oualif~g for Program. Property owners of individual parcels, <br />or builders with multiple parcels to develop, both qualify for the deferment program. <br />