Item No. 8.4
Council Report: C 165/2020
Subject: Approval to Execute an Agreement Under Section 27 of the Development Charge Act - 1600 Lauzon Rd.
Reference:
Date to Council: September 28, 2020Author: Janice Guthrie
Deputy Treasurer, Taxation & Financial Projects
519-255-6100 Ext 6271
jguthrie@citywindsor.caGreg Atkinson
Planner III
519-255-6543 Ext 6582
gatkinson@citywindsor.ca
Taxation & Financial Projects
Report Date: August 17, 2020
Clerk’s File #: AF/13915
To: Mayor and Members of City Council
Recommendation:
THAT Administration BE DIRECTED to prepare an agreement(s) with Farhi Holdings Corporation pursuant to Section 27 of the Development Charge Act with regards to the payment of development charges (DCs) for the multiple dwelling buildings to be constructed on the site located at 1600 Lauzon Road; and,
THAT the agreement(s) contain the following specific terms and conditions:
The agreement(s) will relate to the proposed seven (7) multiple dwelling residential buildings only;
Amount of DCs payable for each building will be calculated as of the date of issuance of a building permit for each building;
Payment of the DCs will be due in full on the date which is the earlier of:
When each building occupancy has reached 85% or
Delivery of the MPAC Notice of Assessment to the owner which includes new assessment for each residential rental building;
Should there be a sale of the units or of the property or advanced offering of rental of the units prior to the DCs becoming due and payable, the DCs will immediately become due and payable;
Agreement(s) cannot be assigned by the owner;
Payment deferral will be secured by an irrevocable Letter of Credit issued to the City in an amount sufficient to cover both the DCs and estimated applicable interest;