SYCAMORE – Sycamore School District 427 considered at Tuesday’s board meeting reducing the amount of impact fees it collects for the purchasing, construction or modification of land.
Superintendent Kathy Countryman met with Sycamore City Manager Brian Gregory about updating the the district’s portion of impact fees, which hadn’t been adjusted since 2005, Countryman said. The suggested change would mean a $200 drop in fees for single-family homes.
New figures for three-bedroom single-family homes propose collecting: $2,453 from detached homes, $1,107 from attached homes and $1,599 from apartment residents, board documents show. Now the district faces a decrease in property value – which is estimated at $99,375 per acre land value – and an increase in Sycamore Middle School student capacity, board President Jim Dombek said.
“The last time this impact fee was considered was before we had remodeled the middle school,” Dombek said. “After the remodeling, the school’s capacity has increased somewhat, so we’ve replaced that value in the formula as well.”
Countryman and Dombek also recommended updating the numbers used to calculate the district’s impact fee distribution every two to three years.
“I know sometimes that’s going to cut against us and we’re going to lose some revenue because property values go down, and there will be other times in the cycle when property values go up and that will help us a little more,” Dombek said.
The board will vote on the matter May 24.
If the proposal is approved for recommendation, it will likely be heard by the City Council in June.