Development Impact Fees to drop in Mission Valley
More units coming to Mission Valley means developers will pay less per unit.
On Tuesday, city councilmembers will decide whether to decrease the amount in fees that developers are required to pay for public facilites in Mission Valley.
City forecasts show more residential development coming to Mission Valley then expected in the next 20 or so years. That means deep-pocketed developers can save some cash on Development Impact Fees (DIF), nearly $1,000 per unit.
Currently, as called for in the Mission Valley Public Facilities Financing Plan, developers must pay $12,233 per unit for public facilities like parks, open space, transportation needs, and library and fire facilities.
If approved by the city council, the price per unit will go down to $11,315 per unit. That's a substantial amount of money when considering the number of large projects proposed for Mission Valley.
"As part of this update, the estimated costs and project scopes for public facilities were revised," reads a staff report provided for the April 16 council hearing. "A comprehensive review of the community-serving infrastructure will be conducted as part of the community plan update (scheduled to begin in FY 2014, contingent on funding), and any changes will be incorporated in a subsequent Financing Plan update that will be a companion document to the community plan update."
The purpose of the "interim update" is to include the approval of the massive mixed-use development at Quarry Falls, also known as Civita, and the four additional parks, 17-acres in all, included in the project.
That's good news for developers like Doug Manchester who hope to transform the current UT San Diego headquarters into a six-building mixed-use residential and commercial property.
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