In an unprecedented move to encourage new development, Leamington Council has agreed to enact a Development Charges By-law that provides for 100% discounting in the first three years of the by-law. Further, Council agreed to allow developers of subdivisions to post bonds as an option, as part of security.
By way of example, the owner of a new single family home would normally have to pay a development charge of $12,712 at the time of the issuance of the building permit. Funds raised from development charges are used to offset infrastructure costs required to support the new growth. For the next three years, residential and non residential construction (except for greenhouses) will not be subject to the development charge. Monies used to offset the lost revenue from development charges will be borne by the contingency reserves. Greenhouses will continue to be subject to the same development charge of $4,204 per acre.
“We are hopeful that allowing developers to use bonds as a part of security, coupled with 100% discounting of the development charge will put our building activity back on track” said Chief Administrative Officer Peter Neufeld.
Mayor John Paterson noted “We are open for business, and have listened to our partners in the development community and taken steps to foster growth and encourage new development in Leamington. We look forward to seeing the immediate effect of these measures.”
For more information, contact Mayor John Paterson at 519-326-5761 ext. 1117