|Developers to pass on costs of Will County developer fees|
On Thursday, July 15, the Will County Board approved a new set of residential developer fees to help pay for school construction, which has mostly been funded by property taxpayers. The cost of developing a new elementary school is running at $12 million to $15 million and developers have warned that they will pass along the new fees to buyers in the form of higher home prices. The new fees will be based on the number of bedrooms in new single-family homes, townhouses and apartments. The more bedrooms, the higher the fees developers must pay. The fees, effective immediately, will go up 4% annually beginning next year. Usually opposed to impact fees, developers agreed to go along with this one since they concluded that overcrowding would eventually undermine housing values. New homes in Will County alone have accounted for 25% of new home sales in the Chicago area in the past couple years. Also, the county's population has grown more than 6% since 2000, bringing the population to about 550,000.