Comment
Does the “value of the land that is subject to development” scope the “land” to only that which is actually being developed or is it the entire parcel upon which development will occur? Is the 15% being assessed on only the incremental value being created or on the entire value of a property, including pre-existing assets?
Our company is an active infill developer of our own existing rental sites and we have several current projects where we are adding townhouses or a new rental building at aproperty that is already comprised of rental homes. Prior to development a property may be extremely valuable because of the long-standing apartment building that exists. Let’s say that property was worth $50million+ prior to development but on the day of permit was worth $60million- will CBC be 15% of the $50m or the incremental $10m?
Submitted March 11, 2020 1:42 PM
Comment on
Proposed regulatory matters pertaining to community benefits authority under the Planning Act, the Development Charges Act, and the Building Code Act
ERO number
019-1406
Comment ID
45333
Commenting on behalf of
Comment status