Land Use & ZoningIntermediateAlaska Exam
An impact fee in Alaska is charged to developers to:
ACompensate adjacent property owners for noise
BFund public infrastructure needed to accommodate new development such as roads and schoolsCorrect
CReimburse the state for NEPA review costs
DPay for environmental mitigation on the developer's site, as is typical in most transactions
Why Fund public infrastructure needed to accommodate new development such as roads and schools Is Correct
Answer B: Fund public infrastructure needed to accommodate new development such as roads and schools
Impact fees are charges imposed on new development to fund a proportionate share of the public infrastructure costs — roads, schools, parks, utilities — needed to serve that development.
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Key Terms to Know
Net Operating Income (NOI)
The annual income generated by an income-producing property after subtracting operating expenses, but before debt service.
Joint TenancyCo-ownership where two or more people hold equal, undivided interests with the right of survivorship — when one owner dies, their share passes to the surviving owners.
Closing CostsFees and expenses paid by the buyer and/or seller at the closing of a real estate transaction, in addition to the property's purchase price.
Transfer TaxA tax imposed by state or local governments when real property ownership is transferred, typically based on the sale price.
Math Concepts
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