(2) For deferred development types:
Interest, at the annual interest rate, compounded annually, as specified in the Corporation’s Fees and Charges By -law as amended, shall be applied to the development charges paid in installments starting on the complete application date where 7(1)(a) or 7(1)(b) apply or, at building permit issuance where 7(1)(a) or 7(1)(b) do not apply, until the until the date of payment of each installment.
10. Early Payment Agreement
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Those required to pay development charges may request the Corporation to enter into an agreement with them for the early payment of development charges. Such agreements are pursuant to the provisions of section 26.1(11) or section 26.2(7), and section 27 of the Act, and are authorized by the provisions of this by-law.
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The Chief Administrative Officer and City Clerk are authorized to execute the early payment agreements in form satisfactory to the Chief Building Official, Chief Financial Officer and City Solicitor.
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Where an agreement pursuant to subsection 10(1), has been executed by those required to pay development charges, the agreement applies in lieu of section 8 of this by-law.
11. Indexing
The amounts of development charges in this by-law shall be adjusted annually, without amendment to this by-law, commencing on November 1, 2021 and on each anniversary date thereafter, in accordance with the most recent annual change in the Statistics Canada Non-residential Building Construction Price Index for Toronto.
Partial Exemptions
12. Brownfield Redevelopment
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Despite Section 6 of this by-law, an exemption up to a maximum of 60% of the development charges otherwise payable, may be requested by a person undertaking brownfield redevelopment in the area described as the Community Improvement Project Area in the Brownfield Redevelopment Community Improvement Plan.
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Where a request is made under subsection (1) the partial exemption from development charges shall only be given where the following conditions have been complied with:
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the Brownfield Rehabilitation Grant Program application as described in the Brownfield Redevelopment Community Improvement Plan has been approved and the associated Agreement has been executed; and
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the Record of Site Condition has been filed in the Environmental Site Registry for the proposed brownfield redevelopment and the Ministry of the Environment has acknowledged receipt of the Record of Site Condition.
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The development charges exemption referred to in subsection (1) shall be calculated by deducting eligible costs, as approved and verified under the Brownfield Rehabilitation Grant Program described in the Brownfield