Ontario Extends Development Impact Fee Deferral Program
The City Ontario extends development impact fee deferral program to foster continued investment and development in the community.
ONTARIO, CALIF., January 3, 2010 Ontario’s Mayor and City Council unanimously voted to extend the City’s Development Impact Fee (DIF) deferral program, to foster continued investment and development in the community. The DIF Deferral Programs for residential and non-residential development allows developers to enter into an agreement with the City to defer the payment of DIF from the time of building permit issuance until final inspection
Ontario’s Mayor and City Council recognize the importance of encouraging continuing investment in the City’s residential and commercial development. By deferring the development impact fee payments to the completion of the project, this alleviates the burden imposed on development of having to pay development impact fees at the building permit stage. In this way the City’s leadership can provide certainty and relief, when needed during this uncertain economic time.
Programs like the DIF Deferral Program solidify Ontario’s commitment to build the critical infrastructure needed to create a ‘Complete Community’ for its residents and businesses. The City continues to work with its development partners to move forward on projects such as the Milliken Grade Separation, the Historic Guasti District, Piemonte at the Ontario Center, and the New Model Colony, ensuring that the City’s vision moves forward and that Ontario’s growth stays the course, no matter the cycle.
“We are committed to providing the certainty and stability our development partners need to continue to develop and invest in Ontario,” said Ontario Mayor Paul S. Leon. “The DIF Deferral Program creates opportunities for developers to defer their development impact fees, thus improving their cash flow at critical phases of development.”
A Temporary DIF Deferral Program was created by the Ontario City Council in May of 2008 for residential development. The initial period for the program was 8 months through December 31, 2008. The DIF Deferral Program for residential development was extended in August 2008 for an additional 12 months through December 31, 2009. In May 2009, the DIF Deferral Program was expanded to include commercial and other non-residential development and the DIF Deferral Programs were extended through December 31, 2010.
With the City Council’s extension of the program, the new period will last for an additional twelve months, beginning January 1, 2011 and ending December 31, 2011, during which time the City will provide an option for a developer of a qualifying project to temporarilydefer the payment of certain Development Impact Fees.
About The City of Ontario
The City of Ontario is Southern California’s Next Urban Center. Located just 35 miles from Los Angeles, Ontario is uniquely positioned as the “economic engine” of one of the fastest growing regions in the United States. Ontario is home to the LA/Ontario International Airport, and an incomparable transportation system of three major freeways and two railroads that provide access to the region, the nation and the globe. With a highly skilled local talent base and lower cost space than coastal counties, Ontario, California is the place to do business. For more information, visit www.ontariothinksbusiness.com.