Appendix
Proposed Development Summary - Town of View Royal Benefits
June 16, 2020Page 3231 section
An estimation of financial contributions and tax revenues resulting from the project.
$3,128,370 estimated development contributions to View Royal$861,000 Community Amenity ContributionsEstimated property tax revenue increase from $7,500 to approx. $275,000
PROPOSED DEVELOPMENT SUMMARY
Town of View Royal Benefits
- High quality development to assist View Royal's commitment to the Regional Growth Strategy.
- Substantial increase in one-time and ongoing revenue to offset property tax increases.
Development Contributions to View Royal estimated: $3,128,370
- Development Cost Charges of $1,494,871
- Community Amenity Contributions of $861,000
- Permits and Fees $81,000; Building Permit $337,500
- Roads, sidewalks, water, sewer etc. $435,000
- View Royal Property tax revenue estimated from $7500 to approx$275,000.
Development Contributions to the CRD and School District estimated: $1,005,321
- Development Cost Charges of $405,321
- Upgraded water main capacity of $600,000
- CRD and School District Property tax revenue estimated from $7500 to about $275,000
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Extracted from: 2020 06 16 Public Hearing Agenda - Agenda - Pdf