Attachment 2 - Procedures: Cash and Tangible Amenities
Regulatory procedures and target rates for cash and tangible community amenity contributions from development proponents.
1.10. Target Rates
The following target rates for Cash Amenities are established as basis for negotiation: a. $5000 per additional single-family residential unit/lot ($2000 toward affordable housing + $3000 for other community amenities) b. $3000 per additional multifamily unit ($1500 per unit for affordable housing + $1500 for other community amenities)
1.11. Land Lift Analysis
A land lift analysis should be conducted by a qualified third party agreed to by the development proponent and the Town where more than 100 additional residential units are proposed or possible. The Town will seek a target of 50% of the increase in land value for the provision of community amenities. The cost of conducting the analysis would be deducted from the Community Amenity Contribution amount. Where there is no or negative land lift, the development proponent and the Town would enter into negotiations.
PROCEDURES:
2.0 Cash Amenities
2.1 Cash amenities will be: 2.1.1 Calculated based on the maximum increased development potential of the new zone or another agreed upon amount and received concurrently with fourth reading of a rezoning bylaw; or 2.1.2 Secured in a registered covenant concurrently with fourth reading of a rezoning bylaw for provision prior to building permit issuance based on the number of additional residential units in a building permit; or 2.1.3 Secured in a registered covenant concurrently with fourth reading of a rezoning bylaw for provision prior to subdivision approval by the Approving Officer based on the number of additional single-family residential lots.
2.2 A written agreement for Cash Amenities will be made between the development proponent and the Town at the time of provision to specify the purpose and permitted use(s) of the money, including consideration of alternatives should a Tangible Amenity project not proceed by a certain future date.
2.2.1 The agreement should state that the Cash Amenity is a gift to the Town. The agreement will specify stipulations, if any, agreed to by the Town and the development proponent regarding the contribution.
2.3 Accounting for cash amenities will follow generally accepted accounting practices.
3.0 Tangible Amenities
3.1 Tangible Amenities will be: 3.1.1 Provided prior to scheduling fourth reading of a rezoning bylaw; or 3.1.2 Secured with a security deposit prior to scheduling fourth reading of a rezoning bylaw with a written agreement outlining for what purposes the community amenity contribution funds may be used, including consideration of alternatives should a community amenity project not proceed by a certain date; or 3.1.3 Secured in a covenant registered concurrently with fourth reading of a rezoning bylaw for provision: 3.1.3.1 prior to building permit issuance and based on the number of additional residential units in a building permit; or 3.1.3.2 prior to or concurrently with subdivision approval by the Approving Officer based on the number of additional single-family residential lots.
ATTACHMENTS:
DISTRIBUTION: TBD.