Impact Fee Escrow Agreement - Palm Beach County, Florida

Impact Fee Escrow Agreement is a legal document that was released by the Planning, Zoning and Building Department - Palm Beach County, Florida - a government authority operating within Florida. The form may be used strictly within Palm Beach County.

FAQ

Q: What is an impact fee?A: An impact fee is a fee assessed on new development projects to help fund the cost of public infrastructure improvements (such as roads, parks, and schools) that are necessary to accommodate the increased demands caused by the development.

Q: What is an impact fee escrow agreement?A: An impact fee escrow agreement is a contract between a developer and a local government that establishes a process for collecting and holding impact fees in an escrow account until they are used to fund the specific infrastructure improvements specified in the agreement.

Q: Why does Palm Beach County, Florida have an impact fee escrow agreement?A: Palm Beach County, like many other jurisdictions, uses impact fee escrow agreements to ensure that developers pay their fair share for the public infrastructure improvements needed due to their development projects.

Q: How does the impact fee escrow agreement work?A: Under the agreement, the developer pays the required impact fees into an escrow account and the local government has the authority to use the funds only for the specific infrastructure improvements outlined in the agreement.

Q: What are the benefits of an impact fee escrow agreement?A: An impact fee escrow agreement helps ensure that new development projects contribute to the cost of needed public infrastructure improvements and helps prevent the burden from falling solely on existing residents and taxpayers.

Q: Who is responsible for administering the impact fee escrow agreement in Palm Beach County?A: Palm Beach County's Planning, Zoning, and Building Department is responsible for administering the impact fee escrow agreement and ensuring compliance with its terms and conditions.