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OVERVIEW <br /> Purpose of the Policy Summary <br /> • Introduce the concept of impact fees to the elected officials in IRC . <br /> • Summarize the legal requirements for imposing impact fees . <br /> • Discuss impact fee level of service considerations . <br /> • Discuss impact fee revenues and their effect on current capital funding of impact <br /> fee program areas . <br /> LEGAL REQUIREMENTS FOR IMPACT FEES <br /> Impact Fee Definition <br /> • An impact fee is a one -time capital charge levied against new development . <br /> • An impact fee is designed to cover the portion of the capital costs of infrastructure <br /> capacity consumed by new development . <br /> • The principle purpose of an impact fee is to assist in funding the implementation <br /> of projects identified in the Capital Improvements Element (CIE) and other <br /> capital improvement programs for the respective facility/service categories . <br /> Impact Fee vs . Tax <br /> • An impact fee is a regulatory function established as a condition for improving <br /> property and is not established for the purpose of generating revenue . <br /> • An impact fee must convey a proportional benefit to the fee payer . <br /> • An impact fee must be tied to a proportional need for infrastructure created by <br /> development . <br /> Legal Framework for Imposing Impact Fees <br /> • Legal standards and criteria have been established through state case law <br /> decisions that : ' <br /> o support local government authority to impose impact fees . <br /> o require that fees comply with state and federal constitutional requirements . <br /> Authority to Impose Impact Fees in IRC <br /> • IRC is a non -charter county . <br /> o A non- charter county derives its authority from the state constitution and <br /> statutory sources ; <br /> o A non -charter county may adopt ordinances that are not inconsistent with <br /> general law ; and <br /> Tindale -Oliver & Associates , Inc . Indian River County <br /> May 2005 I - 3 Impact Fee Study <br />