Commercial and residential builders looking to do business in Riverside County can still obtain permits at reduced rates, thanks to a decision today by the Board of Supervisors to keep development impact fees cut in half.
(Flickr)
In a 5-0 vote, the board directed the county Transportation and Land Management Agency to extend the “temporary” reduction in development impact fees to June 30, 2013.
Fees were first slashed by 50 percent in August 2009, and since that time, the board has annually voted to keep the lowered rates in place to encourage developers to move ahead with projects in the hope of stimulating investment and job growth locally.
DIF revenue peaked at $36.2 million in the 2005-06 fiscal year.
Since then, revenue has steadily declined, falling to just over $1 million in the last fiscal year.
According to county officials, the number of building permits issued between 2010-11 and 2011-12 decreased 14 percent.
Without the fee reductions, the county would have netted an additional $7.8 million in revenue — provided all the projects that obtained permits in the last three years went ahead, officials said.
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