(a) In order to address population growth and development activity, maintain its City streets and protect the public’s health and safety, the City of Loveland supports and funds the maintenance and expansion of its public road system.
(b) In an effort to maintain the level of service established by the City, ensure that roads are sufficient to serve growth and development, and that developments pay a proportionate share of the associated costs. Council does hereby approve and establish a Road Capital Improvement Impact Fee to be applied to single-family, multi-family, commercial and industrial new construction, and additions.
(c) The Road Capital Improvement Impact Fee for single-family and multi-family units will be five hundred dollars ($500.00) per unit; industrial and commercial new construction and additions will be five-tenths of one percent (0.5%) of the construction value with a maximum of five thousand dollars ($5,000).
(d) The Road Capital Improvement Impact Fee will be collected by the Building Department at the same time as the building permit fees are collected.
(e) There is hereby created a Road Capital Improvement Impact Fund. There shall be paid into the Road Capital Improvement Impact Fund such funds set forth and collected as indicated in Section 1307.03.
(Ord. 2023-44. Passed 4-25-23.)