Slashing Transportation Impact Fees is a Game Changer for Developers

August 31, 2012

Wells Fargo Advisors, LLC was thrilled to break ground this week at the site of its future home in the Trinity Corporate Center on SR 54. The project began as a 12,000 square foot building but once the developer got wind there were no impact fees, he chose to expand the project to over 21,000 square feet to bring additional businesses to the area and help create jobs. “We are thrilled about the decision to expand the project upfront and ready to help find tenants for the new building,” said Michael Cox, Associate Vice President of Wells Fargo Advisors, and on the Board of Directors for the Pasco Economic Development Council, Inc. Pasco County became one of Florida’s first counties to adopt the mobility fee as a replacement of transportation impact fees. The new fee schedule dramatically lowers the cost of office and industrial development in Pasco County, and in some places it’s free.  The Pasco EDC partnered with the County to craft the program and gain support from the development community to help adopt the fee. The intent of the Commissioners’ action was to stimulate construction and job creation, and thus far it looks like it is working. “It made financial sense to increase the project size,” said real estate developer, Joel Traub. He added that while on the site one of the construction workers approached him to thank him for creating the job opportunity for him, as he had not had a job in two years. Traub said, “We should all feel great about that.” Pasco’s mobility fee for office, industrial and transit-oriented development along US-19 and S.R. 54/56 corridors is $0. If a company is looking to expand, there is no better time than the present in Pasco County. The County has created an environment that is open for business with fast permitting, job creation incentives, and lower mobility fees, on top of the already low taxes. “The future of Tampa Bay is here in Pasco County,” said John Hagen, President/CEO of Pasco EDC. “The 54/56 corridor and Wesley Chapel are the logical expansion areas for the Tampa Bay region with companies like Wells Fargo Advisors beginning to breaking ground and Raymond James coming soon.”

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