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Board to consider 2.6% annual impact-fee adjustment; staff to present comparisons May 7
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Summary
Staff calculated a 2.6% construction-cost-index adjustment to impact fees and will place a resolution on the May 7 agenda; board members asked staff to compare neighboring jurisdictions and consider competitiveness for recruiting and development.
City staff told the Board at the April 27 budget workshop that the construction cost index yields a 2.6% adjustment to the city’s impact-fee schedule.
Bruce (staff) reminded the board that an ordinance already allows an annual adjustment based on the construction cost index and said the adjustment would be presented as a resolution on the May 7 agenda. ‘‘I’ve calculated what this change would be for this year, and it’s 2.6%,’’ he said.
Board members asked staff to compare the proposed numbers with neighboring Smyrna and other nearby jurisdictions so the city remains competitive for recruitment and development; one member recounted that Aldi contacted staff earlier after paying what the member described as higher-than-expected impact fees. Bruce agreed to pull comparative numbers and check with Dave and Darren before Thursday’s workshop.
The adjustment would affect road impact-fee assessment rates and, by extension, some capital projects funded by those fees; staff noted the prior-year decision to reduce the road impact assessment rate to 70% and said the proposed change would be implemented through a resolution and reflected in the fee schedule.
Next steps: staff will place a resolution to adopt the annual 2.6% adjustment on the May 7 meeting agenda and will provide comparative data on neighboring jurisdictions for board review.
