HomeMy WebLinkAboutFIN 13-16 Cial Report to
Executive Committee
PICKERING
Report Number: FIN 13-16
Date: June 20, 2016
From: Paul Bigioni
Director, Corporate Services & City Solicitor
Subject: Annual Indexing and Development Charges for City-Wide and Seaton
Lands
Recommendation:
1. That Report FIN 13-16 of the Director, Corporate Services & City Solicitor be
received;
2. That effective July 1, 2016 as provided for in By-law 7324/13, the Development
Charges (the "DCs") referred to in Schedule "C" of that By-law be increased by
1.7 percent;
3. That the DCs that are specific for the Seaton Lands and the additional
contributions as specified in Articles 4 through 6 of the Seaton Financial Impacts
Agreement dated November 26, 2015 be approved; and
4. That the appropriate officials of the City of Pickering be given authority to give
effect thereto.
Executive Summary: The Development Charges Act 1997 and Ontario Regulation
82/98, and By-law 7324/13 provide for an automatic annual adjustment to the City's
development charges based on the Non-residential Building Construction Price Index in
order to keep development charges revenues current with construction costs. The Non-
residential Building Construction Price Index for the current indexing year is 1.7%.
Adoption of the recommendations of this report will put into effect the higher rate for the
period July 1, 2016 to June 30, 2017.
Attachment 1 provides the DCs by service category for the City-wide area in Pickering
excluding the Seaton Lands, and the new rates with the 1.7% indexing.
Attachment 2 provides the DCs by service category for the Seaton Lands, and the new
rates with the 1.7% indexing as well as additional charges applicable to development in
Seaton as approved in the Seaton Financial Impacts Agreement (FIA).
FIN 13-16 June 20, 2016
Subject: Annual Indexing and Development Charges for Page 2
City-Wide and Seaton Lands
Financial Implications: Increasing the development charges based on an increase
in the construction price index will assist in keeping the revenues generated in line with
current costs.
Discussion: As provided for in Ontario Reg. 82/98, s.7, and in section 16 of the
City's By-law 7324/13, the development charges charged by the City for all types of
development may be indexed annually without amending the By-law. Adoption of the
recommendations contained in this report will allow that increase to take effect July 1,
2016 thereby assisting in keeping revenues in line with the costs that development
charges fund.
Statistics Canada indicates that the Non-residential Building Construction Price Index
(an indicator of our costs of construction) for the Toronto area has increased by 1.7%
over the year ending March 31, 2016. The change is reflected in the tables attached.
This year, City staff are including in the DC annual indexing report a Seaton DC section
based on the Seaton FIA. Sections 4 - 6 of the FIA outline the DC-related financial
terms of the agreement. The Seaton DC rate is lower than the City wide DC rate to
reflect the fact that the Seaton Landowner Group (SLG) is responsible to design, build
and pay for the Seaton internal roads network.
Upon Council's approval of the recommendations contained in this report, the
development charges brochure will be updated to reflect the approved rates. The
updated brochure will be posted on the City's website and made available at various
counters throughout the Civic Complex.
Attachments:
1. City-Wide Development Charges (excludes Seaton Lands)
2. Seaton Lands Development Charges and Financial Impacts Agreement (FIA)
Charges
3. , Seaton Lands- Financial Impacts Agreement (FIA) Charges
FIN 13-16 June 20, 2016
Subject: Annual Indexing and Development Charges for Page 3
City-Wide and Seaton Lands
Prepared By: Approved/Endorsed By:
Caryn Kong, CPA, CGA Stan Karwowski, CPA, CMA, MBA
Senior Financial Analyst — Capital & Divi Head, Finance & Treasurer
Debt Management
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Dire tor, C•rporate Services & City Solicitor
Recommended for the consideration
of Pickering City Council
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Tony Prevedel, P.Eng.
Chief Administrative Officer
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