Development Fees Ordinance 18-22

Ordinance 18-22 updates Ocean City's development fee regulations, mandating fees for specific new construction projects to bolster the city's affordable housing trust fund. The ordinance replaces existing Article 1900, adjusting residential development fees to 1.5% of equalized assessed value and exempting owner-occupied residential structures replaced due to disasters. These fees collected will be used for low- and moderate-income housing. The adoption of this ordinance aligns with a settlement agreement, emphasizing the court's oversight in managing the city's affordable housing trust fund. Key changes include revising monitoring requirements to comply with the agreement between the City and Fair Share Housing Center, approved by City Council on July 12, 2018. The ordinance aims to assist Ocean City in meeting its affordable housing obligation and is designed to effectuate the Housing Plan element of the City Master Plan.