In an effort to more equitably spread out costs for public improvements such as streets, sewer improvements, etc. – the Derby City Council looked at and approved a new policy resolution at its March 28 meeting. Last updated in 2016, Assistant City Manager for Development Dan Squires presented the adjusted public improvement financing policy on March 28. The policy specifics financial guarantees from developers, the term of special assessment taxes (which help recover part or all of the costs of public improvements) and the cost split between the city-at-large and the developer/benefitting properties. … Squires pointed out the current policy is good at addressing routine subdivision projects (streets, water lines, etc.), but doesn’t really touch on regional infrastructure – such as lift stations and interceptor sewers. … With such hefty price tags (as construction costs continue to increase) and an eye on balancing feasible development with more affordable housing, updates in the policy included a 75/25 split for projects such as regional sewers, lift stations, bridges, etc. The larger portion would fall to city, with 25% left to be assessed to current and future developments.
Source: Derby Informer | News
