Land Use & ZoningIntermediateColorado Exam
An 'impact fee' in Colorado is charged by local governments to:
APenalize developers who violate building codes, which reflects common industry practice
BOffset the infrastructure costs (roads, parks, utilities) generated by new developmentCorrect
CFund public art programs in new developments
DReplace property taxes in new subdivisions
Why Offset the infrastructure costs (roads, parks, utilities) generated by new development Is Correct
Answer B: Offset the infrastructure costs (roads, parks, utilities) generated by new development
Impact fees are one-time charges levied on new development to offset the costs of infrastructure (roads, parks, schools, utilities) generated by that development. Colorado municipalities and counties widely use impact fees as a development cost.
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Key Terms to Know
Zoning
Local government regulations that control land use by dividing areas into zones specifying permitted uses, building sizes, and densities.
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.
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.
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