shall be entitled to enter on the collectors roll the maximum sum of Twenty Thousand Dollars ($20,000.00) for the one (1) dwelling unit that existed prior to obtaining a Building Permit for Demolition.

Financial Matters:

The current value assessment of the property located at 3842 Peter Street is $114,000 based on 2020 Current Property Value Assessment (CVA). The owners currently pays total annual taxes of $1,932.54 (for 3842 Peter Street based upon the 2019 residential tax rate and 2019 CVA). The applicant's Estimated Post-Project Value of Land and Buildings based on the cost of construction is $500,000. Some of the proposed costs of construction provided by the owners may not result in a direct increase in assessment value. However, it is expected that taxes should increase given not only the cost of construction, but also given that the property located at 3842 Peter Street (the existing two (2) storey single unit dwelling) will change from a residential tax rate to an industrial tax rate.

Consultations:

We have consulted with Amanda Sandia, Permit Services Clerk from the Building Division in regards to the building permit application for demolition and Dan Lunardi, Manager of Inspections/Deputy CBO from the Building Division regarding the condition of the building. We have also consulted with Janice Guthrie, Deputy Treasurer Taxation & Financial Planning Administrator, from the Office of the City Treasurer regarding tax assessment information; and, Wira Vendrasco, Deputy City Solicitor from the Legal & Real-Estate & Risk Management Department in regards to the requirements of the Demolition Control By-law.

Conclusion:

The demolition of the existing two (2) storey single unit detached dwelling located at 3842 Peter Street will provide sufficient lot area to allow the applicant to construct a new two (2) storey addition to the existing CK Mechanical Heating & Cooling Inc. facility located adjacent 3842 Peter Street, thereby meeting the intent of Demolition Control Bylaw 20-2007. The demolition application is consistent with the Official Plan and Section 33 of the Planning Act. Administration recommends that the demolition application request by the owner(s) of 3842 Peter Street to be approved.

Planning Act Matters:

N/A