In an effort to stimulate the local economy and residential development, the City of Largo Commission recently approved a temporary suspension of the collection of parkland and facility/capital improvement fees.
Following in the footsteps of Dade City
and North Port
, the suspension of impact fees will last for approximately 24 months, demonstrating the City's flexibility and awareness of the current financial challenges associated with the fees.
According to Largo's Community Development Director Carol Stricklin, Largo's residential real estate market has recently become active with a handful of new apartment projects under review and town home subdivision projects being restarted after construction halted during the recession.
The parkland and facility/capital improvement fees collected on residential development
can cost anywhere between $1,800 and $2,600 per unit with the money being used to buy and develop parks and green spaces
in Largo. Ultimately, the suspension translates into a lower cost associated with building a new home or housing developing.
heard from the development community that the fees were impacting the feasibility of projects,” Stricklin says. “Suspending these fees will ultimately stimulate residential development in Largo, encouraging projects to move forward to construction.”
Aiming to develop walkable, compact centers and transit-oriented, mixed-use corridors, Stricklin says the City's new policy aims to attract new multifamily projects in the right locations to help create a more vibrant city.
Writer: Alexis Quinn Chamberlain
Source: Carol Stricklin, City of Largo