The bill amends RCW 82.02.050 to establish a system for the deferred collection of impact fees for single-family residential construction. It mandates that counties, cities, and towns must adopt this system by September 1, 2025, allowing applicants to execute a promissory note for the full value of the impact fees, which will be due at specified times such as the issuance of a certificate of occupancy or at the closing of the first sale of the property. The bill also introduces penalties and interest for late payments and requires that the applicant provide written disclosure of the deferral agreement to property buyers.

Additionally, the bill repeals RCW 43.31.980, which pertains to the annual reporting of impact fees. The new provisions aim to ensure that impact fees are collected in a structured manner while providing flexibility for developers, thereby promoting orderly growth and development in Washington State. The changes also emphasize the legal responsibilities of applicants regarding the payment of impact fees and the consequences of non-compliance.

Statutes affected:
Original Bill: 82.02.050, 43.31.980
Engrossed Bill: 82.02.050, 43.31.980