11-15-2024, 04:04 PM
There is a parkland dedication fund that the developer has to pay into however the developer doesn't have to pay those funds until after the issuance of building permits.
So in this case once this phase gets permits the city will get the funds to use. Which will go into the cities funds and then it will be used for either new parks or improvements to existing.
Sure the city has numerous things with SPA approval or ZBA/OPA but they can't get any funds until those proceed to the permitting phase.
When the province got rid of bonusing it removed the cities ability to require additional dedication beyond the typical amount so it's typically easier to do cash in lieu of parkland because such a small amount of parkland is required, this only changes if the city's parkland bylaw is approved but it's under appeal at the OLT.
So in this case once this phase gets permits the city will get the funds to use. Which will go into the cities funds and then it will be used for either new parks or improvements to existing.
Sure the city has numerous things with SPA approval or ZBA/OPA but they can't get any funds until those proceed to the permitting phase.
When the province got rid of bonusing it removed the cities ability to require additional dedication beyond the typical amount so it's typically easier to do cash in lieu of parkland because such a small amount of parkland is required, this only changes if the city's parkland bylaw is approved but it's under appeal at the OLT.