Ft. Ord LRA Drops Development Fees
- June 30, 2011
The fees the Fort Ord Reuse Authority charges developers will drop by 27 percent starting Friday, a move which should lower the costs of purchasing a home at the former Army post in Monterey, Calif.
The change cuts the fee on a single-family home from $46,205 to $33,700, reported the Monterey Herald. The LRA established the fees in the late 1990s to raise $150 million to support the authority’s effort to rebuild roads and other infrastructure needed to support Ord’s redevelopment. The authority’s action also will drop fees for commercial and industrial projects.
The lower rates still will generate sufficient revenue to pay for needed projects and other contingencies, Michael Houlemard, the LRA’s executive officer, told the Herald.