Land Use & ZoningIntermediateColorado Exam
A Colorado county enacts a 'development impact fee' on new residential construction. This fee is typically used to:
ACompensate existing homeowners for neighborhood changes, as a general rule
BFund public infrastructure improvements needed to serve new developmentCorrect
CReduce property taxes for existing residents
DPay for statewide environmental programs
Why Fund public infrastructure improvements needed to serve new development Is Correct
Answer B: Fund public infrastructure improvements needed to serve new development
Development impact fees are charged to new development to pay for the public infrastructure improvements — roads, schools, parks, utilities — needed to serve new residents. The rationale is that new development should pay its fair share of infrastructure costs.
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Key Terms to Know
Closing Costs
Fees 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.
ZoningLocal government regulations that control land use by dividing areas into zones specifying permitted uses, building sizes, and densities.
VarianceOfficial permission to use land in a way that does not conform to the applicable zoning ordinance, granted by a zoning board when strict enforcement would cause undue hardship.
Eminent DomainThe power of government to take private property for public use, with the requirement to pay the owner just compensation.
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