Fast-track approvals when the project meets certain requirements.
Time delays can threaten the financial solvency of (re)development. Cities can help reduce the cost and risk of development by expediting permitting approvals. Speedier approval lowers the costs of holding land in advance of construction and injects greater certainty into the (re)development process. Certainty can, in turn, lower the cost of financing. The MSP Mixed-Income Housing Feasibility Project estimates that a one month reduction in processing time can save $40 to $50,000 for a suburban rental housing project.
Support flexibility to achieve project goals.
Flexibility in zoning and approval processes can help to achieve community goals in a more efficient and effective way as market and demographic changes occur. Using PUD (Planned Unit Development) zoning and form based zoning are methods to support flexibility. For more information on zoning read the League of Minnesota Cities Zoning Guide for Cities.
Improve predictability of the development review process.
A lengthy and drawn out approval process can add significant cost to a project; particularly (re)development projects. According to the MITOD Action Guide, predictability can be improved by establishing set time periods for decisions on applications and creating multiagency review committees. These processes emerge by streamlining and coordinating the various approvals processes for development projects without compromising other public interests. A city that takes steps to reduce complex approvals, improve predictability, and streamline will benefit both internally and externally.
For more information on expedited permitting and development, visit the Housing Policy Toolbox.