Many governmental jurisdictions look for ways to boost economic development within their communities. By using economic development financial tools, governments can attract development based on a developer’s needs and spur economic development projects within their communities. Government entities can use this tool to promote revitalization or affordable housing in the area while increasing the community’s tax base.
A fee waiver is a financial tool available to some governmental jurisdictions that can be used to promote and help pay for certain types of development, revitalize targeted areas and/or aid in developing affordable housing. Fee waivers can be tailored to a government entity’s needs and are often offered on a sliding scale based on development project criteria. Government entities have successfully offered fee waivers to support development projects focused on revitalization, affordable housing, historic rehabilitation and small business development.
- Publication date: March 2020