What are impact fees?

Impact fees represent financial payments made by a builder or developer to a unit of local government for the purpose of funding certain off-site capital improvements needed to accommodate new growth. Fees may be collected for a variety of public facilities and services, including: transportation, water, sewer, municipal facilities (such as public works, planning, building and permitting, engineering and general administration), storm water, police and fire protection, and parks.
In the state of South Carolina, municipal and county governments may adopt impact fees pursuant to the South Carolina Development Impact Fee Act (S.C. Code of Laws, Sec. 6-1-910 et seq).

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1. What are impact fees?
2. Why did Town Council adopt an impact fee ordinance?
3. When will the town start collecting impact fees?
4. How are impact fees calculated?
5. What is a discount rate?
6. How and when are impact fees paid?
7. Do impact fees apply to all types of construction?
8. How will the fee be calculated if my intended use is not on the impact fee schedule?
9. Can an impact fee assessment be appealed?
10. Do I need to pay an impact fee if I am opening a business in an existing structure?
11. How can I receive an impact fee credit?
12. Are impact fees refundable?
13. Can the impact fee amounts be changed in the future?
14. How will the town spend revenues collected from impact fees?