Paying for future growth: Peoria updating impact fees

Peoria City Hall / File photo

 

By Philip Haldiman | YourValley.net

Peoria is working on updating its impact development fees, or one-time charges to developers that help pay for growth.

City Manager Jeff Tyne said the next fiscal year’s capital improvement budget is in development and these fees are one of the major funding sources capital projects.

Every five years cities are required by state law to update their update fees.

The council is expected to consider the updated fees in June, with the new fees likely to go into effect in September.

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