The deadline for Hillsborough County's fifth - and final -impact fee buyback solicitation is this Friday, July 19 at 2:00 p.m. Bidders should already have begun collecting the information necessary for their bids.
With tens of millions of dollars of impact fee credits outstanding, the County moved forward with a program in 2017 to "buy back" these credits. Now, the County has announced that its final solicitation will be for up to $15 million. The solicitations function as reverse auctions, and credit bids must be for 80% of credit face value or less. Note that a "cone of silence" is in place limiting the communications of prospective bidders with County staff.
Because this is the final solicitation, all other impact fee credits in the County will have be used by account holder or sold at market rate to third parties in an acceptable receiving zone. It has been difficult to locate buyers for credits in some receiving zones. Credits can be used to offset either impact fee or mobility fee obligations.
More information on the County's buyback program can be found on its website, including the rules for this final solicitation and past bid prices that have been accepted. You can also search the County's database to determine whether credits exist under various account numbers and entity names.
View a list of the latest credit balances for all zones as of 7/2/19.
Our Land Development group has worked extensively on this program to assist developers, landowners, and others to recapture their costs spent to provide public infrastructure. Our team in Tampa is experienced in assisting in impact fee credit transfers, credit bid submittals, and analyzing and litigating credit ownership issues.
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