Development fees to be paid by developers? No, this is a hidden property tax that last forever.

Here is how this works: you add $100,000 to the cost of a development and you increase the amount of initial cash you need to build the project and the balance is financed at the going rate and even at today’s low rates you add at least $300 a month to the carry cost for just the interest on the added loan. Then the finished project with the added fees is tax at the going rate for as long as the use exists.

Neat a double tax hidden for the most part and the City gets to claim it hasn’t sufficient funds to carry out it’s day to functions without a new tax or tax increase. No matter what the fee is for or the new tax this never is completed.

As one example, the cities have tax property owners and garnered fees for years to improve the traffic, we get the development, taxes and fees and is the traffic any better? More parks? More anything but new development? And of course more city employees?

William Costanzo, Kirkland