Section 8-79a-21 - Terms and conditions(a) A developer's fee may be established at up to 10% of the total development cost, less the cost of land, or $100,000, whichever is less.(b) The fee schedule shall be determined as follows: Percent of Fee | Key Event |
10% | Preliminary Application |
15% | Final Application |
25% | Construction Start |
50% | Construction Completion |
(c) Developer's fees are earned based on the schedule established for completing key events in the development process, as approved by the Commissioner.(d) Developers shall only earn a fee for those key events that are completed according to the established schedule. Developers may not be entitled to earn a fee for key events completed after the established schedule. Developers shall earn, but not receive, any fee, until completion of the housing development.Conn. Agencies Regs. § 8-79a-21
Effective December 27, 1990