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Missing Money and Downtown's Parks

Where'd all that developer money for downtown parks go? On Wednesday, the Department of Recreation and Parks will cough up some answers when they explain their use of "Quimby fees" at a City Hall presentation. Quimby fees are money that "is assessed to residential developers citywide to fund park projects. The fees, adjusted annually, generally cost between $3,000 and $9,000 per unit and must be used within two miles of where they are gathered," according to the Downtown News' Anna Scott. The paper estimates that the fees collected could be in the "tens of millions of dollars," but that many developers haven't a clue what's been down with the money. The paper also speaks with Yuval Bar-Zemer, developer of the Toy Factory and Biscuit Company Lofts, who gives this telling quote: "The housing market came to a standstill the last few months," said Bar-Zemer. "At a time where projects Downtown need more encouragement, it's going to make it even harder."
· Quimby Questions Continue [Downtown News]