After two months of discussions and draft revisions, Foley council approved to implement an impact fee on new developments within city limits. Funds collected from the fee will be put towards improvements within city parks and recreation and streets. The impact fee is based off findings of a study performed by TischlerBise for the city.
Impact fees are designed to offset the financial impact a new development may have on public infrastructure. With the impact fee, a municipality has a set amount of time to use the funds to create or improve new infrastructure. In Alabama, municipalities have five years in which to spend collected impact fees. In Baldwin County, impact fees may not exceed 1 percent of the estimated fair and reasonable market value of a new development after completion. Read more on GulfCoastNewsToday.com.