HomeMy WebLinkAbout07-20-2021 School Impact FeesSchool Impact Fees
Dr. Dani Pfeiffer, Superintendent
Sally McLean, Chief Finance and Operations Officer
Ashley Murphy, Chief Finance and Operations Officer
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•
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• FEDERAL WAY
PUBLIC SCHOOLS
•
Each Schoiar:
A voice. A dream.
A BRIGHT future.
• July 20, 2021
-A
• Share Background
• Describe School Impact Fee Formula
Components
• Share Single Family and Multi -Family
Comparisons
• Share Tax Comparisons
• Highlight Collaboration and Next Steps !='� - - '
• School Impact Fees area one-time
payment by residential
developers to help mitigate or off-
set the impacts of new development.
• For schools, the impact is an
increased need for new classrooms
to serve additional scholars.
• These fees cannot be used for hiring
more teachers or purchasing lap
tops, textbooks or additional school
busses.
• School impact fees can only be used
to create more classroom space.
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School Impact Fees are calculated annually
using an approved formula and include:
1) Student Generation Rates:
Single Family
Multi -Family
2) Additional Classroom Costs:
Land Cost
School Construction Costs
(for new capacity ONLY)
Temporary Facility Costs
3) Credits:
School Construction Assistance Funding
Bond Tax Rates
4) 50% Discount (aka Local Share)
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2020 School Impact Fees {for 2021 collections}
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• Unusually high multi -family generation rates generating an unusually
high multi -family school impact fee.
• Reverse is true for single family homes - low generate rates create
low single family school impact fees.
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Tax Implications
• Federal Way tax payers pay more than most for each $1 M in tax
revenue to create new capacity.
• School impacts fees help mitigate the costs to tax payers for new
capacity
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• Staff collaboration
multi -family school
• Studio - 62.5%
• 1 bedroom - 50
• 2 bedroom - 31
• 3 bedroom - 12
• 4+ bedrooms -
:o create tiered
impact fee
discount
0% discount
2% discount
5% discount
3.0% discount
• Additional downtown core school impact
fee discount
• District participant on Housing Action
Committee
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