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HomeMy WebLinkAboutPLN 12-19��� �� � KE�IIVV From: Subject: Kyle Bentley Director, City Development & CBO Bonus Zoning Policy City of Pickering File: L-1100-020 Recommendation: Report to Executive Committee Report Number: PLN 12-19 Date: May 6,� 2019 1. That the Bonus Zoning Policy, dated May 6, 2019, be approved as set out in Appendix I to Report PLN 12-19. Executive Summary: The Planning Act allows municipalities with appropriate Official Plan provisions to grant increases in the density or height of a development in exchange for community benefits. The City's Bonus Zoning policies in the Official Plan permit Council to pass by-laws that grant an increase in density of development not exceeding 25 percent of the density permitted by the Official Plan, or an increase in the height of a building. To date, the City has approved two requests to utilize the Official Plan Bonus Zoning policies and has received two other requests that are currently under consideration by the City. It is anticipated that more requests will be received as the City intensifies. Staff have prepared, for Council's approval, a Bonus Zoning Policy, to ensure a consistent and transparent approach when identifying eligible developments and community benefits, calculating the value of the applicant's contribution towards a community benefit, and negotiating the required Section 37 agreements. Financial Implications: No immediate direct costs to the City are anticipated as a result of the recommendations of this Report. In 2017, City Council enacted By-law 7590/17 establishing a Public Benefits Reserve Fund. By-law 7590/17 implemented changes to the Planning Act resulting from the passage of the Smart Growth for our Communities Act (Bill 73). Municipalities must now maintain a special account (reserve fund) for funds collected under Section 37 of the Planning Act, and may only spend the funds on facilities, services and other matters specified in the By-law. The Treasurer must issue an annual disclosure statement of funds received and how funds were spent. PLN 12-19 Subject: Bonus Zoning Policy 1. Discussion 1.1 The Official Plan permits Council to grant increases in density and height May 6, 2019 Page 2 Section 37 of the Planning Act allows municipalities with appropriate Official Plan policies to grant through the approval of a Zoning By-law Amendment Application, increases in a development's density or height in exchange for community benefits. The Bonus Zoning policies in Pickering's Official Plan permit City Council to pass by-laws that grant an increase in the density of development not exceeding 25 percent of the density permitted by the Official Plan, or an increase in the height of a building, only in return for the provision of specific services, facilities or matters (community benefits). The community benefits are to be specified in the implementing zoning by-laws. The Official Plan policies also require that the surrounding areas experiencing the increased density or height benefit from the positive impacts of the exchange; that the effects of the increased density or height are in conformity with the general intent of the Official Plan, and that the owner enter into an agreement with the City registered on title and addresses the provision and timing of the community benefit to be provided. 2. The City has received rezoning applications asking for density and height bonuses In 2016, Madison Liverpool Limited was the first applicant to request a density bonus. City Council enacted a site specific zoning by-law (By-law 7528/16) permitting a maximum of 67 units to facilitate the development of a common element condominium of detached dwellings and townhouse units. The By-law permitted an additional 10 units which equaled a 17.2 percent increase over the maximum density permitted by the Official Plan. The community benefit received in return was a cash contribution in the amount of $270,000.00 for the enhancement of the Frenchman's Bay Ratepayers Memorial Park, which is adjacent to the development site along the north side of Commerce Street. The residential development is under construction and the park enhancement is complete. Three other applications for bonus zoning have been received. All are within the Duffin Heights Neighbourhood. The table below provides a brief summary of the three requests to use the Bonus Zoning Provisions: Requested Proposed Applicant Proposal Increase in Community Status Density or Height Benefit 9004827 To permit a total An additional Cash Awaiting Local Canada Inc. of 726 stacked 22 units beyond contribution in Planning Appeal (Stonepay) townhouse, the maximum the amount of Tribunal (LPAT) back to-back permitted density, $260,300.00 approval townhouse, and resulting in a towards an (Council street townhouse density increase of enhanced endorsement on units approximately village green June 25, 2018, 3.0 percent located within see PLN 20-18) the draft plan of subdivision PLN 12-19 Subject: Bonus Zoning Policy May 6, 2019 Page 3 Requested Proposed Applicant Proposal Increase in Community Status Densify or Height Benefit Averton (Brock) To permit a total of An additional Undetermined at Under Review Limited 787 units within 45 units beyond this time (see Information 4 separate phases the maximum Report 11-17) consisting of permitted density, back-to-back resulting in a townhouses, density increase of stacked back-to- approximately back townhouses, 6.0 percent. stacked and apartment units. Increase the (Bonus Zoning maximum height request is for for apartment Phases 3 and 4 buildings beyond only. Phase 1 is What is permitted constructed and by the current Zoning By-law, Phase 2 is under from 26.0 metres construction) (g storeys) to 67.0 metres (21 storeys) Brock-Dersan To permit a total of An additional Enhanced Under Review Developments 411 units 55 units beyond landscaping (see Information Inc. consisting of the maximum along Report 06-18) apartment units, density, resulting in Brock Road stacked back-to- a density increase back townhouses of approximately and townhouse 15 percent units To assist in evaluating existing and future bonus zoning requests, a City Bonus Zoning Policy is recommended (see Appendix I). The Policy will ensure a consistent and fair approach when identifying eligible developments and community benefits, calculating the value of the applicant's contribution towards community benefits, and negotiating the required Section 37 agreements. 3. A Bonus Zoning Policy is proposed In Report PLN 19-16 that addressed the first Bonus Zoning request from Madison Liverpool �imited, staff indicated their intention to develop, for Council's consideration, an internal policy and associated procedures to implement the Bonus Zoning policies of the Pickering Official Plan. The approach developed by staff was based on a review of best practices of 13 municipalities. The principle of capturing the increased value of the land resulting from the increased density or height was used to determine the community benefit contribution made by the applicant. PLN 12-19 Subject: Bonus Zoning Policy May 6, 2019 Page 4 The purpose of the recommended Bonus Zoning Policy is to provide policy and procedures for the identification of community benefits, the role of staff and Council, the calculation of the developer's contributions towards community benefits, the negotiation of the implementing agreements, the preparation of the implementing zoning by-laws, the handling of cash contributions, and the reporting of staff to Council. The following is a summary of the proposed Bonus Zoning Policy: Procedure • City Development staff is to be the initial point of contact for negotiations regarding community benefits • the Mayor and Council are notified of an application requesting Bonus Zoning through the circulation of a Notice of Complete Application • the public will be invited to comment on Bonus Zoning requests at community open houses and Statutory Public Information Meetings • following the Statutory Public Meeting, City staff, in consultation with elected officials, will work on the details of the appropriateness of the proposed community benefit and the valuation of the contribution by the applicant • the contribution of community benefits in exchange for an increase in density or height will only be considered for proposals that are compatible with the surrounding neighbourhood and represent good planning • developments requesting Bonus Zoning consideration will not be exempted from development charges or parkland contributions under the Planning Act • to ensure appropriate public engagement concerning the nature of the Community Benefit, an application for an increase in density or height will only be considered through a Zoning By-law Amendment Application Community Benefits • community benefits are the provision of specific services and/or facilities, such as but not limited to, additional open space or community facilities, assisted or special needs housing, the preservation of heritage buildings or structures, or the preservation of natural heritage features and functions beyond identified development limits • the community benefits that are negotiated are to directly benefit the community within the vicinity of, and the residents/occupants of, the proposed development • the valuation of community benefits is based on, 1) capturing the increase in land value resulting from the increase in density or height, and 2) a reasonable percentage (20 to 40 percent) of the increase in land value resulting from the approved increase in density or height • the percentage of the increase in land value will be determined by the value of the community benefit identified by the City Implementation • the implementing zoning by-law will address the contribution to be provided by the owner/applicant, details of the community benefit, the timing of the payment of the contribution or the provision of the community benefit, and the requirement for a Section 37 Agreement and its registration on title of the subject lands PLN 12-19 Subject: Bonus Zoning Policy 4. May 6, 2019 Page 5 cash contributions will be placed in a dedicated Section 37 Reserve Fund managed by the Finance Department and spent only for facilities, services and other matters specified in the implementing zoning by-law the Director, Finance & Treasurer, will provide Council with an annual detailed financial statement related to Bonus Zoning special accounts Staff Recommend that the Bonus Zoning Policy be approved by Council Staff have consulted with the Finance and Corporate Services Departments in the preparation of the Draft Bonus Zoning Policy. Additionally, the City's internal `Policy' Committee has reviewed the draft policy. Staff recommend that Council approve the attached Draft Bonus Zoning Policy as set out in Appendix I. Appendix Appendix I Draft Bonus Zoning Policy Prepared By: Deborah Wy ie, MCIP, RPP Princi�al Pla ner, Development Review � � � Nilesh Surti, M IP, RPP Manager, Development Review & Urban Design DW:Id Recommended for the consideration of Pickering City Council Tony Prevedel, P.Eng. Chief Administrative Officer Approved/Endorsed By: //� ` , `��"��� ��. � Catherine Rose, MCIP, R P Chief Planner Kyle Bentley, P.Eng. Director, City Development & CBO — -- -=—_ � �'' Stan Karwowski, CPA, CMA, MBA Director, Finance & Treasurer �B� Zo��' Appendix I to Report PLN 12-19 Draft Bonus Zoning Policy ���� �� 1 E 1�1 �1 � Policy Procedure Title: Bonus Zoning Policy Number X Reference Date Originated (m/d/y) Date Revised (m/d/y) Pages Ontario Planning Act May 2019 "Click and type date" X Approval: Chief Administrative Officer Point of Contact Chief Planner, City Development Policy Objective The objective of this policy is to implement the Bonus Zoning policies of Section 16.17 of the Pickering Official Plan, in accordance with Section 37 of the Planning Act, as amended. Purpose The purpose of this policy is to provide an implementation • procedures for processing a Zoning By-law Amendment f density or height through the Bonus Zoning policies of Se Plan • proc� • metr • proc� • prep • hanc • repo Index 01 02 03 04 � � requesting additional of the Pickering Official Definitions Legislative Autharity Scope and Application Procedures 04.01 Receipt and Processing of the Zoning By-law Amendment Application 04.02 04.03 04.04 04.05 04.06 04.07 Determining Community Benefits Location of Community Benefits Valuation of Community Benefits Implementing Zoning By-law and Bonus Zoning Agreements Cash Contributions Reporting to Council 01 Definitions 01.01 Bonus Zoning — is a planning tool, authorized by Section 37 of the Planning Act, which enables municipalities to secure Community Benefits through Bonus Zonin� Agreements in conjunction with a Zoning By-IawAmendmentApplication that permits increased density and/or height over and above existing planning permissions. _ 01.02 Cash Contributions — means money prov specific facilities or amenities in-lieu of the specific facilities or amenities. 01.03 01.04 he City that are used toward �nstructing or providing Community Benefit — means facilities or cash secured by the City and provided by an owner/applicant for specific,public facilities, services or matters. Owner — means the'registered owner of the property or a representative (applicant or developer) of the registered owner of the property. 01.05 Bonus Zoning A� between the City ; density and/or hei 02 Legislative Authority 02.01 The Planning Act, amended, is the IE ►nt — is' a legally enforceable agreement negotiated owner that outlines the terms of the exchange of Community Benefits. s` amended, and the City of Pickering Official Plan, as islative authority for this policy. 02.02 The Bon'us Zoning policies of the Pickering Official Plan permit Council to pass by-laws that grant an increase in density of development not exceeding 25 percent of the density permitted by the Official Plan or an increase in the building height providing: a) the density or height bonus is given only in return for the provision of specific services, facilities or matters specified in the by-law, such as but not limited to, additional open space or community facilities, assisted or special needs housing, the preservation of heritage buildings or structures, or the preservation of natural heritage features and functions; Policy Title: Bonus Zoning Page 2 of 12 Policy Number: "Click to type Policy Number." � b) when considering an increase in density or height, and allowing the provision of benefits off-site, the positive impacts of the exchange should benefit the social/cultural, environmental and economic health of the surrounding areas experiencing the increased density and/or height; c) the effects of the density or height bonus have been reviewed and determined by Council to be in conformity with the general intent of the Official Plan, by considering such matters as: . i) the suitability of the site for the proposed inc height in terms of parking, landscaping, and requirements, ii) the compatibility of any increase in dE character of the surrounding neighbo d) as a condition of granting a density or he benefitting landowner(s) to enter into onE against the title of the lands, dealing with specific facilities, services or matters to � Scope and Application 03.01 This policy is applicab requesting an increas� policies of Section 16. 03.02 This policv does not 03.03 This policy and ai Applications requ Agreements will k consultation with ent, Fina ents or e �d/or h and e City sity and/or ecific with the reauires the or more agreements, registered :he provision and timing of the : provided in return for the bonus. o' all Zoning By-1aw Amendment Applications density or height in accordance with the Bonus Zoning of the Official Plan. y to any agreements executed or approved in principle ;il's approval of this Policy. commendations for Zoning By-law Amendment g an increase in density or height, or Bonus Zoning �nage.d by the City Development Department in ;hief Administrative Officer, Corporate Services Department, Engineering Services Department, and other �al agencies as required. 03.04 The City may develop further City wide, area specific or site-specific Bonus Zoning Official Plan policies, which may specify an amount of authorized increases of additional density or height in return for Community Benefits in place of the 25 percent increase in� density permitted by the Official Plan. 03.05 Bonus Zoning is not a means to address the shortcomings of a development proposal. Prior to considering the contribution of Community Benefits in exchange for an increase in density or height, the Director, City Development & CBO, or Chief Planner must be satisfied the development represents good planning and recommends support of the proposal. Good planning includes addressing the following: Policy Title: Bonus Zoning Policy Number: "Click to type Policy Number." Page 3 of 12 • the Planning Act, applicable provincial and regional plans and policies, and the City Official Plan and urban design guidelines • the density, height, scale and massing are appropriate for the site and neighbourhood, and are compatible with adjacent uses • the surrounding community is not negatively impacted by shadows or over flow parking • the proposed development exhibits high quality architecture • there is adequate existing or proposed • requirements of the City and public ag • there is a clear connection between the area of't the proposed increase in density or height of the negotiated Community Benefits ... �l munity impacted by pment and the 03.06 Community Benefits are generally not expected to mitigate adverse planning impact of developments. Anything'that is necessary to mitigate adverse impact is considered necessary for good planning and should not be deemed an eligible Community Benefit. 03.07 If a Zoning By-1aw Amendment Application requesting an increase in density or height is appealed to the �ocal Planning Appeal Tribunal (LPAT), the City, at the direction of Council, may request the LPAT impose as a condition of approval, appropriate provisions in the implementing zoning by-law and the requirement for an owner/applicant to enter a Bonus Zoning Agreement. 03 03.09 There will be no reductions, waivers, credits or exemptions for developments subject to Bonus Zoning Agreements from development charges under the Development Charges Act and parkland or cash-in-lieu contributions requirements under;Section 42 of the Planning Act, as amended. A request for an increase in density or height through the Bonus Zoning policies of Section 16.17 of the Pickering Official Plan will only be considered through a Zoning By-Iaw Amendment Application to ensure appropriate public engagement for consideration about the nature of the Community Benefit. Policy Title: Bonus Zoning Policy Number: "Click to type Policy Number." Page 4 of 12 04 Procedures 04.01 Receipt and Processing of the Zoning By-law Amendment Application Prior to the submission of a Zoning By-law Amendment Application, the initial point of cantact by an owner/applicant shall be with City Development staff for any discussions or negotiations regarding Community Benefits. City Development staff will provide the Mayor and Ward Councillors with advice as to whether Community Benefits are appropriate and desirable, and information on the appropriate types of benefits. Further consultation between City Development staff and the Mayor and Ward Councillors may occur as necessary or agreed upon between them. The Planning Rationale for any Zoning By-I� submitted to the City Development Departm height is to include a Bonus Zoning Justifica following: • Section 16.17 of the Pickering • applicable provincial and • applicable Official Plan pol Guidelines and any appro� I plan men ch ity or the �ourhood Policies, Development esign Guidelines, and • principles of good planning and appropriate development. City De�elopment staff will prepare and circulate the Notice of Complete Application to the Mayor and Ward Councillors and the public as required by the Planning Act, as arnended, advising that Bonus Zoning is being requested. The Notice of Complete Application will include a description of the development proposal and the Community Benefit proposed. The public will be consulted and provided opportunities to comment on the proposed development and the appropriate type or level of Community Benefits at appropriate steps in the development review process such as at community open houses and the statutory public information meeting. In consultation'with the Mayor and Ward Councillors, a community open house may be scheduled for the public to provide input into the development proposal and the proposed Community Benefit. The Notice of Statutory Public Information Meeting is prepared and circulated as required by the Planning Act, as amended, and the Information Report is prepared by City Development staff describing details of the proposed development, the requested increase in density or height, and the proposed Community Benefit. Policy Title: Bonus Zoning Page 5 of 12 Policy Number: "Click to type Policy Number." The Statutory Public Information Meeting is held where details of the requested increase in density or height and proposed Community Benefit are presented to the Committee and public input is received. Following the Statutory Public Information Meeting, City Development staff, the Finance Department and other City staff as required will work with the owner/applicant on the details of the proposed bonus zoning and Community Benefits. The following matters are to be considered in determining the Community Benefit: • consultation with the Mayor and Ward Co and the local community, • consistency with the Pickering Official Development Guidelines and any app • Council approved studies outlining commu'nity • public input. , Neigr Design � departments Policies, City Development staff will prepare a Recommendation Report on the Zoning By-law Amendment Application to be considered by the Planning & Development Committee and Council. � The Report will contain a recommendation on the proposed development, the request to increase fhe density or height, and on the appropriateness of the proposed Community Benefit, and if supported, will include necessary conditions to secure the Community Benefit. Following CounciPs approval, staff will prepare a Bonus Zoning Agreement, and implementing Zoning By-law Amendment. ' Determining Community Benefits It is desirable and encouraged that an analysis and identification of existing and potential needs and services be done in advance of the receipt of a Zoning By=1aw Amendment Application requesting additional density or height through the Bonus Zoning policies of Section 16.17 of the Pickering Official Plan. Consideration should be given to intensification issues in the area, the nature of the proposal, and the strategic objectives and policies of the Pickering Official Plan. The purpose of such analysis is to assist in determining the appropriate type of Community Benefit. Some examples of Community Benefits are listed in Section 16.17(a) of the Official Plan, however this list is not exhaustive. Community Benefits shall be specific public facilities, services or matters, or cash-in-lieu contributions towards specific public facilities, services or matters, which may include but are not be limited to: Policy Title: Bonus Zoning , Policy Number: "Click to type Policy Number." Page 6 of 12 04.03 • additional open space for the purpose of public parkland, or public trails • community facilities such as playgrounds, sports fields, day cares, community halls, trails/walkways • affordable rental and/or ownership housing secured for a minimum of 20 years • preservation of heritage buildings or structures • preservation of natural heritage features a Operating, programming, and non-capital appropriate Community Benefits. The securing of improvements to public facilities toward such facilities that are leased by the City` Benefit. There should be an existing lease, or a I City's option securing the facilities for at least 15 Community Benefit is provided to the City. ; Community Benefit contributio will be over and above the faci dedicated to the City through t parks contributions under the 1 Community Benefil Neighbourhood Po Desiqn Guidelines. tion of Community fu na tions such as woodlots �e funds are not uding cash contributions � eligible Community : that is renewable at the �s from the time the blic facilities, services or matters would be funded through or :nt Charges By-law, as amended, or ct, as amended. be further identified in Council approved �evelopment Guidelines and any approved Urban A reasonable planning relationship between the secured Community Benefit and the increase in density or height as determined by City Development staff is required. The principle of a reasonable planning relationship refers to the following: the Community Benefit to the proposed development and the where the proposed development is located, and • a comparison of the monetary value of the additional development rights being proposed with the monetary value of the Community Benefit. The Community Benefit or the cash contribution may be accepted to address City wide needs, which cannot be adequately addressed in the vicinity of the proposed development. A change to an existing agreement to reallocate funds or change the Community Benefit may be possible. The change process must be open, public, Policy Title: Bonus Zoning Policy Number: "Click to type Policy Number." Page 7 of 12 Policy Title and subject to the appropriate legal processes, and authorized by Council. All parties to the original agreement, their successors in title, must approve the change and sign an amending agreement. Valuation of Community Benefits An `increase in land value' approach will be used to set the minimum and maximum limits for Bonus Zoning contributions. The contribution for a Community Benefit represents a reasonable portion (20 to 40 percent) of the increase in land value resulting from an increase in density or height over the Base Density. The base density is the maximum density permitted by the Pickering Official Plan. The percentage of the increase in land value applied in each Bonus Zoning proposal will be determined by the value'of the community benefit identified by the City To determine the Land Value, the owner/applic� review a land appraisal report, prepared by an � Alternatively the Land Value will be determined determined by the City using Municipal Property recent sale values for the property, or a purcha� less than one year old. Should the `owner/applic the submitted land appraisal, the City wil( comm the cost of which will be covered by the owner/a by otli ubmit for the Citv's �iser. able methods as sessrnenf Corporation, nd sale agreement that is and the City not agree with �n a"land appraisal report The staff report recommending approval of the Bonus Zoning proposal will contain an outline of'the increased density or height proposed, the Community Benefit to be secured, and the value and timing of the Community Benefit and contribution to be made by the owner/applicant. Calculations to d are outlined in th Bonus Zoning ine the financial value of the Bonus Zoning Contributions �wing tables. Policy Number: "Click to type Policy Number." Page 8 of 12 Table 1— Land Designated Urban Residential Areas and Mixed Use Areas Excluding City Centre 1. Maximum Number of Units Permitted Land Area (A) X Base Density (B) = Maximum Number of (maximum density Units Permitted permitted by the (C) Official Plan) Example: 1.0 ha X 140 dwellings per net ha = 140 units 2. Land Value of Each Permitted Unit Appraised � Maximum Residential Land Value (Dj Units Permitted (C) Example: $1,000,000.00 / 140 units 3. Land Value Resulting from Proposed Density Land Value of X Proposed Residential Each Permitted Density; (F) Unit (E) (maximum of 25 percent increase over.permitted Example: $7,142.86 C! Land Value Resulting froi Proposed Density (G) Example: $1,250,000.00 Incre Land um Example: $250,000.00 X I 175 units per net ha = d Value Appraised Land Value _ _ �p� . $1,000,000.00 A GZ� lue of Each d Unit, (E) $7,142.86 Land`Value Resulting from Proposed Density (G) $1,250,000.00 Increase in Land Value (H) $250,000.00 �nd Maximum Limits for Bonus Zoning Contribution ' 20 percent to Minimum & (H) X 40 percent (1) Maximum Limits for Bonus Zoning Contribution (J) X 20 percent _ $50,000.00 (min) 40 percent $100,000.00 (max) Policy Title: Bonus Zoning Page 9 of 12 Policy Number: "Click to type Policy Number." Table 2— Land Designated City Centre (Increased Height Requested) 1. Land Value of Each Permitted Unit Appraised , Number of Residential _ L.and Value of Each Land Value (A) Units Proposed within Unit at Permitted the Permitted Maximum Height (C) � Maximum Height (B) Example: $1,000,000.00 � 350 2. Land Value Resulting from the Proposed � Land Value of X Total Proposed Each Unit at Number of Units(D) Permitted Maximum Height (C) Example: $2,857.00 X 420 3. Increase in Land Value Land Value _ Appraised Land Val Resulting from (A) Proposed Number of Example: $1,199,940.p0 -' $1,000,000.00 . Minimum and Maximum Limits for Bonus Zoning Contribution Increase in X 20 percent to _ Minimum & Land Value (F1 40 percent (G) Maximum Limits for Bonus Zoning Contribution (H) I = I $2,857.00 umber of Units. ---- _ Land Value Resulting from Proposed Number of Units (E) _ $1,"199,940.00 _ Increase in Land Value (F) _ � $199, 940.00 Example`: 20 percent $199,940.00 X 40 percent � $39,988.00 minimum $79,976.00 maximum Policy Title: Bonus Zoning Page 10 of 12 Policy Number: "Click to type Policy Number." ,� ' � Implementing Zoning By-law and Bonus Zoning Agreements The implementing Zoning By-law will address the Bonus Zoning provisions including the amount of the cash contribution to be provided by the owner/applicant, details of the Community Benefit, the timing of the payment of the cash contribution, the timing of the provision of the Community Benefit, and the requirement for a Bonus Zoning Agreement and its registration on title of the subject lands. The Bonus Zoning Agreement will identify the Community Benefit, how any cash contribution will be used, and will be registered on title of the subject lands. The implementing Zoning By-law and Bonu City's discretion, identify how any excess f� and closing of a Community Benefit project The payment or provision of Community Be execution of the Agreement. The timing of K be outlined in the implementing Zoning By-1� The payment for the cash contribution will b negotiation of a site plan agreement, subdiu agreement unless otherwise agreed to by C In a phased develop City's discretion, be Agreement. Cash Contributi > Zoning Agreement may, at the �ds remaining after a completion �ay be used. �efits generally does not occur upon ayment or provisions of benefits will w and the Bonus Zoning Agreement. � dae at the time 'of execution and ision agreement'or development ie payment of the cash contribution may, at the and the timing will be`'outlined in the Bonus Zoning to support a development either necessary for good planning red in the'absence of using Bonus Zoning may also be secured g Agreement instead of a separate development agreement. Cash contributions may be secured in-lieu of an owner/applicant being required to construct or pro�ide specific facilities and can be accepted towards infrastructure services and facilities that address service needs or deficiencies in the existing community or services for future growth, either of which cannot be funded or are only partly funded by Development Charges or other Planning Act contributions. In a large phased development, cash payments may be phased, subject to the consideration of staff recommendation and Council approval. An "H" — Holding Zone may be used to ensure receipt of negotiated Community Benefits in the form of cash. Cash benefits received from a Bonus Zoning Agreement will be collected by the City Development Department and held in a Public Benefits Reserve Fund set up for that purpose. This fund will be managed by the Finance Department. Policy Title: Bonus Zoning Policy Number: "Click to type Policy Number." Page 11 of 12 04.07 Cash contributions secured in Bonus Zoning Agreements may be indexed to the Statistics Canada Construction Price Index for Durham Region that would pertain to the type of Community Benefit secured (new housing or non-residential). Cash contributions will be placed in a dedicated Public Benefits Reserve Fund managed by the Director, Finance & Treasurer, and spent only for facilities, services, and other matters specified in the implementing Zoning By-law. A record of proceeds and disbursements will be maintained in conjunction with the Public Benefits Reserve Fund and capital projects' balances.. The money in the Public Benefits Reserve Fund`may with the Municipal Act, as amended. Any earnings dE of the money shall be paid into the special account. 7 shall report on the activities and status of the accoun1 Reporting to Council In accordance with the Planning Act, as a amended, the Director, Finance & Treasu detailed financial statement related to the financial statement is to include statemen • opening and closi • transactions; • any racnities, se funds'from #he s details of the amounts s • the manner in was or will be by-law. he an and th� rovide �nefits d in accordance the investment auditor's report �icipal Act, as cil with an annual �erve Fund. The of: other matters specified in the by-law for which count have been spent during the year; C:I any capital cost not funded from the special account I for each facility, service or other matter specified .in the In accordance with`the Planning Act, as amended, the annual auditor's report shall report on the activities and status of the special account established for the Commun,ity Benefit money. In accordance with the Planning Act, as amended, a copy of the financial statement shall be available to the Minister of Municipal Affairs and Housing upon request, and shall be made available to the public. Policy Title: Bonus Zoning Policy Number: "Click to type Policy Number." Page 12 of 12