This great article, published on November 30 by Rachel Behrndt of the Fort Worth Report, gives an overview of the new City of Fort Worth Transportation Impact Fee recommendations.
Key Takeaways:
Previously, rates for residential and commercial development were set at 30%.
Starting June 1, 2023, developers will pay for 50% of road construction costs for residential developments and 40% for commercial and industrial developments.
The residential development rate will increase by 5% every year for three years, until the impact fee rate reaches 65%.
Staff previously recommended an 80% impact fee rate for residential development and 55% for commercial.
The recommendation was based on a study, which found that the city will need $3.15 billion in new thoroughfares, based on the city’s master thoroughfare plan. About $2.85 billion of that construction is recoverable through the impact fee program, the study found.
Taxpayers will foot the rest of the cost for roads.
The council also amended the ordinance so that private and charter schools are exempt from paying impact fees, just as public schools are. The ordinance will also include a 25% discount for small businesses.