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Peoria impact fee adoption pushed back
Posted
The schedule to adopt Peoria’s impact development fees has been pushed back.
Impact fees are one-time charges to developers that help pay for growth.
The city adopted growth projections and infrastructure improvement plans developed as part of the 2018-2019 Development Impact Fee update, April 16.
Officials said that because this adoption was rescheduled from the April 2 city council meeting to the April 16 city council meeting, the public hearing for the updated impact fees has been rescheduled. The original public hearing was scheduled for the May 7 council meeting, but is now scheduled for the June 18 council meeting.
City Manager Jeff Tyne said the next fiscal year’s capital improvement budget is in development and these fees are one of the major funding sources capital projects.
Every five years cities are required by state law to update their update fees.
Growth projections are used to estimate development fee revenue and to indicate the anticipated need for growth-related infrastructure.
Over the next 10 years, the development fee study assumes an average increase of about 1,700 housing units per year throughout the city, according to a city report. These estimates were further broken down to coincide with the assumed growth within certain service areas in the city. About 90% of the residential growth is projected to occur north of Deer Valley Road. During the same period, the city is projected to add about 6.2 million square-feet of commercial development, with about 65% projected in the areas south of Deer Valley Road.
