Seattle Panel Backs Upping Developer Fees For Extra Space

Law360, New York (April 23, 2013, 1:47 PM EDT) -- A Seattle City Council committee on Monday backed a proposal to raise the price developers must pay to snag extra height and space for commercial projects, partly spurred by developers' hunger for new construction and redevelopment projects in the South Lake Union area.

In a unanimous vote, the South Lake Union Committee supported the proposal to increase the residential pay-in-lieu price by 43 percent to $21.68 per square foot and the commercial pay-in-lieu price by 33 percent to $29.71.

The funds, which are paid in exchange...
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