Impact fee plan approved for new Bow public safety building
BOW — Those looking to build in town in the coming months will have to pay a one time fee to help offset the cost of the town’s new public safety building.
Based on a plan approved by the town’s planning board on Thursday, those looking to build a single family home would pay $1,037 and those building duplexes, apartments or accessory dwelling units would pay $723. Commercial properties are exempt from having to pay impact fees for this project, since they are seen as a tax positive addition to the town and don’t impact other tax-based services, like the school system.
This number is based off the project’s overall cost; the cost per square foot; the size of the current public safety buildings and the new one; the average square footage of newly built homes or the like; and the additional number of residents that the new public safety building will be able to serve.
“It’s basically just a simple calculation for cost sharing of the public safety building,” said Matt Taylor, the community development director.
Those who apply for a building permit after June 1 will have to pay an impact fee. That will be collected when they get their condition of occupancy and is a one time cost.
The town had a similar system in place for collecting impact fees used for the increased number of students brought into town after the new high school was built. That was discontinued last October after it brought in just under $2 million for the town, Taylor said.
Impact fees are designed to have the new residents share some of the cost of the project.
The town will stop collecting the impact fee once $738,422 is collected or when the bond is paid off entirely.
Residents approved construction of the new building on Knox Road at the 2016 town meeting when they approved a roughly $3.5 million bond to pay for the project.
It’s a 15-year bond that has a just over 2 percent interest rate. Plans for the new safety complex had been in the works for roughly two decades.
With a good portion of the structure already up, work for the last few months has been primarily indoors: picking wall, carpet, tile and cabinet colors; installing the sheetrock; and designing the security, camera and communication systems.
The entire project is expected to wrap up in the late spring or early summer.