At the September 9, 2008 City Council meeting, the Council voted to approve an update to the Valencia Bridge and Thoroughfare (B&T) District. This is a fee developers pay as part of their contribution for infrastructure. The update will go into affect on January 1, 2009 and will increase the B&T fee for the Valencia District from the current rate of $11,610 per single family home to $19,650 per single family home, with similar increases for multi-family, commercial and industrial developments. This update is necessary to bring the fee in line with recent increases in construction costs. The fee was last updated in 1999, and since that time, roadway and bridge construction costs in the Los Angeles area have increased by 10% annually. The new fee will allow a total of $55 million in new revenue to be collected to construct the highway system improvements identified in the City’s General Plan Circulation Element. Since the Valencia B&T District is a joint district with Los Angeles County, the County will be adopting the same update at the October 28 Board of Supervisors meeting, with the same implementation date of January 1, 2009.
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