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Rpr 17 00 05:25p Mark C. Cramer (?04) 940-3172 p.S <br /> <br />hnpact fees can only bc spent on thc new construction portion of thc bonds that were for future <br />needs. Impact fees cannot be spent on renovation of existing schools, on the technology portion <br />ora bond issue or that portion of the bond issue, which reduces thc number of portable <br />classrooms. <br /> <br />Position/Conelusion <br /> <br />Thc real estate community stron~tlv opt~oses impact fees and transfer taxes t~cause hey: <br /> <br />· Are unreliable sources of funding because they arc dependent on economic cycles; <br />· Do not generate adequate income to fund infrastructure needs, and can erode support for <br /> necessary bond issues; <br />· Hinder economic development efforts and make Cabarrus County less competitive; <br />· Arc grossly unfair for current residents of Cabarms County who arc only moving within <br /> ~he County; <br />· Target too small a group of the public, when public iafraslrueture is everyone's <br /> responsibility; <br />· Make homes less affordable, especially for entry level buyers, and are regre~ive; <br /> <br />In the alternative, the real estate commnnlty supports broad-based funding mechanisms such as <br />property taxes, sales taxes and reassessment of property. <br /> <br />4/17/00 <br /> <br />-3- <br /> <br /> <br />