Research Symposium

BIO

Jared is a Junior at Florida State University pursuing a double major with a Bachelor of Science in Real Estate and a Bachelor of Science in Finance.

Currently, Jared serves as a researcher, where he is investigating the effects of drastic impact fee increases on future development in Florida. In this project he will analyze how legislative shifts and fee hikes influence development trends. His leadership extends to his role as the VP of Professional Development for the Real Estate Society at FSU and his past experience as a Peer Instructor for the Engage100 program.

Jared's professional background includes an internship with the Lee County Department of Community Development, where he streamlines permitting processes and performs building code compliance reviews. An active ICSC Foundation member, he has completed several programs and is working towards his Real Estate Sales License. He aims to launch a career in commercial real estate development and investment, focusing on products that deliver long-term community impact.

The Effect of Increased Impact Fees on Development

Abstract

Since the passing of HB 337 in 2021, the local governments of Florida have had to show ‘extraordinary circumstances’ to increase their impact fees by more than 50%, with more municipalities using this claim to increase impact fees each year. This is concerning for a state like Florida that has been historically pro-development, as it could result in pushing away development from high-growth areas. This project investigates what is driving the drastic increase in impact fees across the local governments in Florida, and what effect will it have on the enacting community’s real estate development. By analyzing permitting data and municipal finance records, this study evaluates how sharp escalations in impact fees influence project viability, pace of new construction, and shifts in development trends. The anticipated results are that there will be a volume reduction and more development in surrounding communities, while increasing prices across the board due to it being more financially feasible to buy existing structures. This research will provide vital insights into the delicate balance between funding essential public services and maintaining a robust, accessible real estate development pipeline in Florida.

Keywords: Real Estate, Impact Fees, Development