The Longmont City Council voted to raise the fee-in-lieu rates for inclusionary housing.
The fee-in-lieu rates were expected to increase in 2021, however, due to city staff capacity during the COVID-19 pandemic, the onboarding of new staff and the want to consider the results of a Housing Needs Assessment, the council voted to delay.
The new ordinance, approved Tuesday, will remove an alternative agreement requirement and a city council approval requirement for on-site rental properties. This would make the process an administrative one that could be approved by city staff.
The fee-in-lieu rates are scheduled to increase to $5.93 per finished square foot for rental properties and $13.50 per square foot for for-sale properties. The new rates will take effect on Dec. 11.
The quickly approaching date has raised some concerns among developers, according to the city council communication. The Longmont City Council adopted an amendment on Tuesday to allow projects that have or will submit an application for a final plat, site plan, PUD plan, overall development plan or similar planning approval by Dec. 11 and receive final approval by Dec. 31, 2024, to pay the previous fee-in-lieu rates.
