The city is proposing significant increase in its development charges.
The 2018 Development Charges (DC) Background Study and the updated Development Charges Bylaw call for a 17.35 per cent increase for residential development and a 23.85 per cent increase in the non-residential rate.
The new rates are scheduled to take effect March 2. The city will be holding a special city council meeting on Jan. 21 at 6 p.m.
If approved, the new rate for residential development would be $35,098 for a single/detached home. The new non-residential rate $133 per square metre.
"The proposed rates remain competitive with DC rates in nearby cities, such as Kitchener and Cambridge, which are also in the process of conducting a background study," said a city news release.
The increases are the result of changes to the provincial DC Act, which outlines which city services are eligible for DC funding, new DC-eligible projects, as identified in updated master plans and secondary plans, and the city’s improved capacity for long-range planning and to forecast costs associated with growth, says the city.
Written comments or to register to speak at the special meeting must be done by Jan. 18 at 10 a.m.
