Fremont To Impose Affordable Housing Impact Fees On Commercial Developers
Commercial real estate developers in Fremont will pay an additional fee starting in 2018. Fremont City Council approved new impact fees June 20 that would help fund more affordable housing, the East Bay Times reports. This fee, which residential builders have already been paying, has been extended to include builders of offices, manufacturing and industrial space. The cost will be $1/SF for new light industrial, manufacturing and warehouse spaces built in 2018. The fee will go up to $3 in 2018 and $4 in 2020.
Class-A office builders in the Warm Springs Community Plan will have a two-year exemption. The city wants to attract more employment growth within this area. Companies moving corporate headquarters to the city also will have a two-year exemption. Fees will be limited for advanced manufacturing facilities to the first 100K SF/building.