HomeMy WebLinkAboutBy-law 7590/17 •
• The Corporation of the City of Pickering
By-law No. 7590/17
Being a.by-law to establish the Public Benefits Reserve Fund
pursuant to Section 37 of the Planning Act, R.S.O. 1990, c.P.13, as
amended .
Whereas the Municipal Act, S.O. 2001, c.25, as amended, authorizes municipal councils
to establish reserve funds for any purpose for which it has authority to spend,money and;
Whereas the Council for the Corporation of the City of Pickering has provided for the
establishment of reserve fund; and
Whereas Section 37 of the Planning Act, R.S.O. 1990, c.P.13, as amended, permits a
municipality to enact a zoning by-law authorizing increases in height and density of
development otherwise permitted by the by-law in return for the provision of such •
-
facilities, services or other matters as are set out in the by-law, provided that the
• municipality's Official Plan authorizes such increases in height and density; and
Now therefore the Council of the Corporation of the City of Pickering hereby enacts as
follows:
1. That the Public Benefits Reserve Fund be established; •
2. That all deposits to the Public Benefits Reserve Fund are subject to the signed
agreement between the City and developer pursuant to Section 37 of the Planning
Act;
3. That the Public Benefits Reserve Fund be utilized only for funds needed and
expended pursuant to Section 37 of the Planning Act;
4. If excess funds remain after completion of any particular community benefit project
funded pursuant to Section 37 of the Planning Act, such excess funds shall remain
in the Public Benefits Reserve fund and shall be spent only in accordance with
Section 37 of the Planning Act;
5. Interest earned on the investment of fund balances shall form part of this reserve
fund;
6. Funds collected or received pursuant to Section 37 of the Planning Act prior to the
establishment of this reserve fund shall be transferred to this reserve fund.
By-law No. 7590/17 Page 2
7. This By-law comes into force on the date it is passed.
By-law passed this 11th day of December, 2017.
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• • David Ryan, . mti
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Debbie Shields, City Clerk
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