SIMI VALLEY : Plan Lets Builders Defer Traffic Fees
Developers of new commercial or industrial projects in Simi Valley can defer traffic fee payments for up to 90 days under a program approved by the City Council to stimulate the economy.
“Every little bit helps,” Mayor Greg Stratton said.
The city collects the fees to pay for roads and traffic signals needed to handle the increases in traffic generated by new businesses. Up to now, the fees were due before a building permit or occupancy permit could be issued.
With development becoming more expensive, businesses need ways to cut their upfront costs, officials said. Under the program, the fees can be waived for 90 days without interest. Officials said they hope the break will encourage more developers to open businesses in Simi Valley.
A second option under the program, approved unanimously this week, allows project developers to make monthly payments, with interest, over a two-year period. Interest would be pegged to the rate of return the city is receiving for investments.
If the deferred fees are not paid, the city can place a lien on property.
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