A dedicated team for impact fee analysis is essential to ensure that the analysis is conducted accurately and efficiently. This team is responsible for researching all relevant fees and public finance issues related to a development project. They use their expertise to identify all fees that apply and determine the most cost-effective approach for the project.
The development of strong relationships with municipalities and agencies is crucial in closely monitoring fee changes. This helps the impact fee analysis team stay up-to-date on any changes in regulations, fees, or taxes that could affect the development project. These relationships also provide the team with insight into the specific needs and requirements of the community, which can help inform the development project.
Regular updates and reviews of an internal fee database are necessary to ensure accurate analysis. This database should be regularly updated with any new fees or changes to existing fees. This process helps ensure that all fees are accounted for and that the analysis is accurate and up-to-date.
Accurate impact fee analysis can help developers determine the feasibility of a project and the potential costs associated with it. It can also help ensure that a project is compliant with all applicable regulations and fees, which can help avoid costly delays and fines. Accurate analysis can also provide insight into potential cost-saving measures or alternative approaches that could help increase the profitability of the project.
