What are impact fees?

An  impact  fee  is  a  one-time  payment  made  to  the  political  subdivision  (city,  water  or  utility  district) by a developer of a new development to pay for the cost of construction or expansion of water  and  sewer  facilities  located  outside  the  boundaries  of  the  new  development  and  that  are  needed by new development and its impact on the surrounding community.

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1. What are impact fees?
2. Why charge an impact fee?
3. What do impact fees pay for?
4. How are impact fees determined?
5. How is the impact fee updated?
6. Who is charged an impact fee?