Item - 2020.MM14.18

City Council on January 29, 2020, adopted the following:

1. City Council amend MM13.27 by deleting and replacing Part 2. a.i. and ii. with the following:

a. in order to support revenue neutrality during the City's development charges rate phase-in period, as permitted under Section 26.2 (3) of the Development Charges Act, City Council authorize the Chief Financial Officer and Treasurer to apply interest charges to the "frozen" development charges payable for Site Plan and Rezoning Applications received on or after January 1, 2020 and before November 1, 2020, for building permits issued before November 1, 2021:

i. at a rate of 1.5 percent for each complete 30 day period from the date an applicable Site Plan Application or Rezoning Bylaw Amendment is received, until the date of building permit issuance; and

ii. limited so that the total amount of interest payable when combined with the development charges payable does not exceed the development charges in effect under the City's bylaw at the date of building permit issuance.

2. City Council direct the Chief Financial Officer and Treasurer to report back with any recommended modifications to the interest rates or development charges policies once there is an opportunity to more fully assess the impacts of Bill 108 Development Charges Act changes and options, including the interest rates applicable to rental, institutional and non-profit housing that are subject to the mandatory development charge deferral and five and 20 year installment payments, now that regulations setting out the definitions have been released.