Land Use & Zoning
An impact fee charged by a Tennessee municipality to a developer is intended to:
ACompensate adjacent property owners for the impact of new development
BOffset the cost of public infrastructure required to serve new development✓ Correct
CFund the environmental review process for new projects
DPay for the cost of rezoning hearings
Explanation
Impact fees are one-time charges imposed on new development to offset the costs of providing public services and infrastructure (roads, schools, parks, utilities) required to serve the new development. They are authorized under Tennessee's Development Impact Fee Act.
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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.
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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