The recent economic growth in San Francisco is driving up development impact fee revenue, according to a report released last week by the city controller’s office.
Revenue from the fees in fiscal year 2013-2014 was up 109 percent over revenue in fiscal year 2012-2013, according to the report released Wednesday.
Between fiscal years 2011-2012 and 2012-2013, development impact revenue increased by 273 percent.
Development impact fees are assessed on applicants who plan to build residential or commercial developments in the city. The money is used to pay for infrastructure improvements that are needed when a new building or development is built.
The city collected about $12.3 million in development impact fees in 2011-2012. That increased to about $46 million in 2012-2013 and $96.1 million in 2013-2014, according to the report.
Keith Burbank, Bay City News