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Rather than paying development impact fees at the time a building permit is issued, new non-residential construction projects may defer certain eligible fees until construction has been completed and the building is ready to occupy, the City’s Economic Development Department said.
The exception is for certain pass-through fees.
“This program will be useful to those projects where significant development fees apply,” said Economic Development Director Micah Runner. “By deferring some fees until occupancy, a project can leverage those funds during the construction stage, which could be very beneficial for timely project completion.”
The City Council approved the program in January, and it will become effective March 25. It is scheduled to remain in effect for five years.
Developers must submit a request for short-term deferral of eligible fees for new non-residential construction projects in writing to the Economic Development Department for review. An agreement must be executed between the applicant and the city, prior to the issuance of the building permit
For more information on the city’s economic development programs, text stockton to 22828, or call (209) 937-8539