The Galt City Council has approved an innovative fee incentive program to encourage construction of new businesses that create jobs and/or enhance retail sales and property tax revenue for the community.
Under the program guidelines, developers will receive 25 percent off the current traffic impact fee for the construction of retail, office and industrial manufacturing buildings.
This program will be in place until the city completes a comprehensive update of its traffic impact fees in the next 9 to 12 months. The city plans to permanently reduce non-residential traffic fees.
To eliminate any risk for a developer to proceed with construction in advance of the new fees, the program guidelines guarantee that if the future traffic fees end up being reduced more than 25 percent, the incremental difference will be reimbursed to the developer out of additional city tax revenues generated by that same business.
“Although Galt has seen increased commercial development interest in recent years, including an approved Walmart that will start construction in September, the city hopes this proactive approach to lower development fees will spur even greater economic development within the city,” City Manager Jason Behrmann said in a press release.
For more information, contact Sandra Kiriu, the city’s community development director, at 209-366-7230 or email@example.com.