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Home My WebLink AboutL 63/98J'f ; I l # � t,. c �,, � ;;� .. �!_ , �. '+r�'+�" ' ;� ,.�r ' 4 � i � � 6i ';� i� ��oa� � ; ,�O - ;} �� '�` � � �� , i, N. �� ,.' . REPO1tT TO COUNCIL FROTi: Penny L. Wyger DATE: Mny 23,1998 Town Solicitor • REPORTNUMBER: L63/98 SUBJECT: Payment of Development Charges nnd Cnsh-in•lieu of Pnrkland Dedication - Discovery Place Limited (lhe Millennium) - Kingslon Roed, Glennnne Road, Esplenade North and Vulley Furtn Road - File: D8612 RECOMMENDATION: That Council pnss u bylaw authorizing the execution of an ngreemcnt with Discovery Place Limited to allow for n delbrtal of pnyment of the Town's davelopment charges and cush•in•lieu of parkland dedication for the proposed 253 unit high•rise rcsidentiul development for a period not exceeding 6 months from ihe dete of issuance of the first building permit for the 4th phnsc of the devclopment.. ITEM FOR CONSIDEkAT10N: Thnt Council consider the options rcgerding the nmount of the cnsh•in•licu of pnrkland dedication aquired to bc paid by Discovcry Place Limiled end that Council pass a rcsolution dirccting stnff to colleci the nmount of parkland dedication in nccordnncc wilh Ihe option sciectcd. (Stefl's recommended option (s Option No.2). ORIGM: Letter dated May I1, 1998 from Tridcl rcquesting dcfcrred payment of dcvelopment charges nnd park acquisilion churge for the Millennium at Discovery Place project on Kingston Rond. AUTHORITY: The Devalopment Charges Act, R.S.O. 1990 c.9, Scctions 9(8) und 9(10). FINANCIAL IMPLICATIONS: Deferred puyment of Development Chnrgcs (Town's portion only) for n maximum of 6 months interest free would result in an estimated loss of interost to the Town an 5759,000.00 for 6 monihs at 3.5% per annum being a lotal loss of interest of approximately Et3,282,00. Deferrel of payment of thc development chnrge will expeditc the commenccment of the projcct which will genernte building permit kes to the Town in the amount of 5203,554.29 and will result in incroased futuro tax essessment to the Town. If Council supports the Developer's rcquest`for a rcduction, the amount of thc cnsh•in-licu of parklend dedication for this phese of the development will be rcduccd from S584,986.50 to thc egrced amount, A deferrel of the paymont date for cash•in•Ifeu will rosult in lost intercst to the Town, at 3.5%per ennum for 6 mont5s. ,,- - .�' - � .. jF ` .t. �� . �' '1� . �' .f ��\ �( t� �i' 7� ' . �5 ..��: ', q � . . �'� ReporttoCouncll �� 4� ' � �, • . �� L63/98 r: '� � : Detc: May 23,1998 I'7 i� r ; SubJecL• Payment of Developmunt Chargee and Pege 2 Cash•in-lieu of Parklend Dedicetion Option 1: (No rcduction, rcqulro full paymrnt, es per the Agrcement tunount) Cesh•in-lieu amount 5584,986.50. Optfon2: (Reduce the amount to ihe emount paid in )994 for the Casita phese (5473,560.50) indexed by actual rnte of in0etion determincd by the ccnsumer price index for Toronto) Cash-in•lieu emount S512,336.48. (Slaff Recommendcd Option) , Option 3; (Reducr to 5%of the 1998 appraiscd value of Innd) Cush-in-lieu emount SI I 1,426. Option 4: (Reduce the amount by epplying actuai rate oF inilation since 1987 to the base amount of S278,565 as determined in the 1987 Agrcement, compounded ennunlly). Cash-in•lieu 5376,216. EXECUTIVE SUMMARY: Deferrul of oavment of the develooment churce and cnsh-in-lieu of oarkland• Tridei has rcqucsted that the Town consider nllowing n defarral in the timing of the �iaymcnt of the development chnrges and cosh in-lieu of parkland owing on lhc proposed Millennium at Discovery Plece proJect. The developmeol is a 253 high-rise rcsidentiul devclopment which is anticipated to commence conswction in June of 1998. 7'he dcferral of the pnyment for u meximum of 6 months will assist the developer's sales and finnncing progrems. All other Town pertnit and epplicntion fees will be paid prior to the issuance of ihe first permit in eccordance with usunl Town prnctice. Reauest for a reduclion of the cash in-lieu of porklnnd dedicntion• ln 1987 Duffin Dcvelopments Inc. and Diuovery Place Limited entercd into an egreement with the Town regarding the proposed S phnse development oPthe innds bounded by Kingston Rond,the Espinnade North, Glennnna Road and Valley Fnrm Road. The ag:+eemcnt included e formuln which esteblished the cnsh•in-lieu of parkland costs for the development. The formuln conlained a designnted amount of ensh in•lieu payable for ench phase (5278,565) together wilh on esceintion provision. In 1987 the parties anticipated that ull 5 phnses would be buiit out over epproximately 5 yeers.' Howevor, lhc economic climate changcd drnmetically and the Developer did not complete the project wilhin the originnlly enticipated tlme Games. The Developer now clnims that the market velue of the lands has decrensed substantially nnd it is seeking relief from lhe provisions of the egreement by way of a reductian in the emount of lhe cash•in•licu owing on the 4th phase of the development. If rclief is not granted, the Developer has indicated that the completion of the proposed 253 unit residentiul high rise devclopment will not be economically feasible al ihis time. This report sets out options for considemtion by Council regarding the umount of the cash•in•lieu of parklend. The option ulected by Council will Iikaly sorve as a pacedent for the detcrtnination of cash•in•lieu applicable to the final phnse of ihc development as well as this phase. BACKGROUND; Qeferral of Development ChnrAe Pavmen a 'A written rcqucst has been rcceived from Tddcl asking thet the Town postpone thc puyment of applicabie Town dcvelopmenCchargcs, education dcvelopment charges end cash in•lieu of parkland dedicetion for its Miilenn(um at Discovery Place Qroject on Kingston Roed. A defertal of thc psyment of charges for a meximum of 6 monthe from the dete of issuanc¢ of the pormit for tho , underground works wiil essist tho developer's nales progrem end its financing errengcment�. r ,� � i� � r � .1 SF . .. . }'... .. � � .. �'I��n�oc.��,�� L63/98 Date: May 23, 1998 � � H Subject; Payment of Dovelopment Charges end Page 3 ' Cashdn-Ileu of Par':land Dcdicatfon Tho Town will permit u dcfertal of the payment of Pickedng Hydro's portion of lhe charge (SI67,739) and the Education Cherge (5437,I84) only upon rcceipt of written diaction from ihose authorities. Thc Developer has been udvised to approach lhose agencies dlrcctly rcgarding those rcquests, 7Tic Region of Durhnm's Development Charges were prc•paid for this developmenl. Thc proposed Millennium project (Phase 4) consists of a 253 unit high•risc rcsidential developmenl (composed of 64 one-bedroom units end 189 two•bedroom units). In accordance with the Town's Development Charge By-Law No. 385?J91 as amended, ihe Dcvelopment Charges usunlly exigibic on the devolopment as et June 1, 1998 aro as follows: NumberofUnits TownPortion HvdroPortion Ta r e 64 one•bedroom 2,223 x(64) 663 x(64) 5142,272 542,432 5184,704 189 twabedroom 3,754 x(189) 663 x(189) 5709,506 3125,307 5834 8 3 Toml 5851,778 S167,739 S I,019,517 Section 30(3) of lhe Agrcement caps lhc Town's portion of ihe development churge at 53,000 per unit. Thc totel Town portion of the devclopment chargcs payebic will be 5759,000 ralher than 5851,�78, The provisions of the Agreement thercfore rcsult in a net rcduction in the amount of the Town's porlion of lhe development chnrges owing on lhis phase and a net benctit to the Devcloner 0 2 8 The devclopment will be consWcted pursuant to two sepnrnte building permits. The first permit will be a conditionnl permit for the shoring, gerege end foundntion works. in acwrdnnce with the Town's Developme�t Churgo By-Law and existing Town practice, all development charges nnd cesh-in•lieu of parklend payments arc payable prior to the issunncc of thc first building permit for the development. While this practice is weil suited in the case of at-grode dovelopments, it crentes u very onerous financial burden on the development industry whan applied to high-rise development. Council's consideration of a de&rtal policy for development charges and cash-in-lieu of parkland dedicatian should bc rcstricted only to higt•rise devclopmenls. Relief from the impnct of paymcnt of development chnrges and cash-in-liau of parkland dedieation currently exisis for other forms of development by the Town's practice of allowing �tiose projecls to be phosed. High-rise swcturos cannot be developcd in phases. The prnctice of �,�mmodating deferred payments of developmrnt charges end cash•in•lieu of parkinnd dedication cxists in olher municipalilies within thP GTA. Thc proposed defcrral will not requirc the expendituro of eny significant funds on the part of thc municipality. There will be no incrensed demand on existing Town services prior to the issuance of the pertnit for the superswcture. , It is recommended ihet Council permit lhe defertal of thc Town's portion of the dovelopment charges and the cash•in-liau of purkiand for m m�ximum oCsix months from the date of issunnce of the first building pertnit for thc Millennium project on thc following tertns arid conditions: I. That the canditional pertnit for the underground works contain a provision rcquiring tlu p�yment of thc applicable Town developmrnt charges end cesh in•lieu of parklend on the earlier of six mantha from the date of issuena of the condidonal building pertnit or immedietely prior to the issuana of the building permit for the superswcture (thc above•ground worka), which ever ahall first occur, ,, : �:'. - i ` 4. e � e Report w Council 2 `g L63/98 Datc, Mey 23,1996 Subject: Payment af Dovolopment CFierges and _ Pege 4 Cesh-in-lieu of Parklend Dedicetfon 2. That lhe emount of thc developmtnt charges payable shall be 53,000 per unit plus en emount equal to ihe Pickedng Hydro development cherge in effect at the time of issuence of the fint building pertnit for this phase, subJect to edjustment for indexing in accordence with the Town'a Development Charge By-law, should the payment take place aflr,r October B, 1998. 3. That interest shali not eccrue on the defecred payment until six monihs from the date of issuance of the first permit for underground works on the devclopment. 7'hereuRer, fntercst shall nccrue on the balance (if uny) outstending et the rate of 15% per ennum (which mte is equal to thc interost rate charged by the Town for outstanding realry tnxes). Such outstnnding principnl and intercst reiating ta the development charge portion shall be rccovered in ihe same manner as outslanding rculty taxes pursuant to Section 12 of the Davelopment Charges Act nnd section 326 ofthe Municipal Act. 4. That all other Town charges and fees including building pertnit, insp:ction fees, and finuncinl securities be paid by the Developer in accordance with cxisting Town practice. 5. Thet no permit for the nbove-ground works be issued until all nmounl (plus interest) are puid. 6. That lhe Town and the Developsr rnlcr into an ogrecment propured in n form ecccpWble to the Town Solicitor, to protat the Town's intercsts, which agreement may bc rcgistered on titlo to the subject lends. Determination of the Amount of Cash•in-licu of Parklend Dedication Pnvable In 1986 Tridcl and J.D.S. Investment� rccoived pinnning npprovnis lo permit thc Jcvclopment of 5 condominium aparUnent buildings containing a meximum of 1,137 units end onc commercial oftice building in the To�m Centm Community, In order to satisfy some of the conditions of thc zoning approvals for the subject lends, Duffin Dcvelopments Inc., Discovery Place Limited and the Town entercd into n Development Agrcement dated Jnnuury I9, 1987 (the "Agreemcnt"). The Agrcement provided for the conslNCtion of various off-site urvices including the construction af ihe Esplanade NoAh roadwey, upgruding of other boundary roads, provision of a public promenade, fences, stortn sowers elc. It elso provided that e rcsidentinl unit Ievy be payabla for every dwelling unit to be wnstructed when ihe building permit is issued for the building withie which the unit is to be locnted. The amount of the unit levy wes determined to be the lesser of lhe amount the Town's twabedroom epartment rosidontial unit levy in efTect on the dutc of pnyment by the oµner or: (a) SI,000 per unit (if paid beforo July 31,1988); or @) 52,000 per unit (if peid between July 31,1988 nnd January 31,1990); or (c) S3,000 per unit (if paid aRer January 31,1990). In eddition, no objection, opposilion, appeal or other aUack will be made on the emount of, or the Town's right lo impose e rosidcntial unit levy or to adjust lhe amount thertof, so long es thc Town's levy is epplied equitably to nll projects. . Section 33 of the Agrcement elso provided that n cash-in•lieu puyment for the provision of parkland be paid for cach rcsidentiel wndominium apartmrnt building orior to the issuance of u building permit for that building. Thc fortner Town Solicitor smted in a provious ro�wtt to Council lhat the initlal ovemll obiigation of SI,392,825 (5278,565 per phese) wos basod upon thc Town's sGandnrd formula for calculation of thosc amounts, st thet timc, pf thc standard fortnuln nt that Umc wes -: besed on SYo of the total veluc of the subject lands theq the estimated velue of thc lands es et t987 '.`we� 527,856,500). A factor providing for e 10% por annum Incrcnso in tho emount payabic was ; : builE inW tlie fortnula to provide for inileHonery und other esceladng fectore. � ,� �5t�l� � h �,rt �'Gr� �}`� t � ,[ ?aSw—� �y"tA'It sir c1Yt i q�� t .� t � �. ..L�i.:Y f� 4 � �# ��i�Q�� ..1�43. r i� j EJr�,a ii�:r� {�.�,n. �.�.,, r.,, .� ,._, . u, i.... .. . ... , .. � s> ` ,:r _20 +`•,Roport W Counc(I " , ' L63/98 Datei Msy 27,1998 SubJeoti Peymer.t of llovclopment Chargcs and , pag� S Cesh�in-lieu of Parklsnd Dedica8on According to the Agrcement thc payment is to be calculuted as follows: S1.392.R25 x N ' , Whero N is I.O if the pnyment is made in 1987, nnd incrcases at the mte of 0.1 per yenr thercafter. At the timc lhe Agrcement was entered into ihc purties enticipnted thnt lhe entire live phases of Ihc development would be built out by lune of 1990. Unfortunately the economic climnte chnnged and to datc, only ihac of the five phases have been dcvelopod. To-date the Town has rccaivcd thc following cash-in-lieu: September 1987 Building A 237 Units 5278,565 March 1989 Building B 259 Units 334,278 April 1994 Casite Unils 180 Units 473.560 Totul 676 Units S 1,086,403 Two final rcsidential apnrtment towers remain undcveloped. Thosc final phuses will contein a total of 461 units composed of 253 units in �he Millcnnium propowl nnd 20R units in the finul tower (to be cansWcud somc time in ihe future). According to the sirict intcrprctation of the temn of thc Agrcement, the Owner is requimd to pay to the Town the sum of 5584,986.50 cash-in-licu for the Millennium development if the building permit is issued iu 1998. 1392,825 X 2.1= 5584,986.50 5 Council should note thnt the payment for cnsh•in•lieu applicable to the final phuse (208 units) will continuc to rcmain outsinnding. The Doveloper haa advised stnff lhat beceuu of the change in the economic climate und the rcduced value of the subject lends, ihe Agrcement formule for calculeting Ihc cush•in-lieu rcquirements is no longer equitable. Council should note that land value upon which it wns originally bnsed cootinued to increase from 1987 to (990. The Developer has askcd that Council provide relief by reducing the amount of cash•in•licu requircd. Council should wnsidor the foliowjng options: OQtton No. l Require tde Developer to pay the aum of S584,986.50 in accordooce with ihe ' requiremeob of the Agreement (eave for the ttming of the paymcnt wdich Couocil may agree to defer tor up to ai� months from the Lauance ot the permit for the underground worin). � Pm�: The Town will maximiu the emount of cush-in•ilou evaiteble for thc devalopment under thc Agreement. ' Cous: ; The Dovoloper hu advised that such amount is prohibiUve and. mey rcsult in a delay of the wmmcncament datc of tho proJect or tho development proposel may be abandoned, if thet heppens, tho Town will not rcceiva the pertnit foe� (5203,554) and the Towil wfll not get tho j,� beneGb of the tnercased taic assessment end compiedon of another pheso in e dovelopmenE ,�:' ` ;. which forme an (ntegral purt of thc Town'e City Centro, �� a}+ , R: i � . ` f , �� , ) .�..rAxda1;:.n „ ... ., ,._.. ... ._ . .. . .__ . ., f . . .1. . . - ... . i.. !i :1 �' , Ropottto.Counci� ` 2� L63/98 . Date; Mey 23,1998 SubJectc Paymcnt of De'velopment Chargo� end � Page 6 . . Ceshdn-lieu of Perklend Dedicedon (� tlon No• 2 Require payrocat in an �Inount equpl to the eum otS512,335.48 (belog the �rme amount o[ the cud•in-Iteu pAid by Ihe Developer prior to t6e Iuwnce of the perm(t [or the Cuit� pde�e of t6e development in 1991(.i473,560.50) lode:ed by the rate of IaOallon dnco 1994 e�tabl(s6ed by the Coneumer Priw Inde: for Toronto. TdG coneNtutea w reductioa trom t6e amount required uoder �de Agreement by the aum otS72,650.02. (Staff Rceommeoded OpHoa) Prw: A rcduction in the emount requircd demonstrates to the development industry the Town's willing�iess to be ilexi6le and will essist in making the project moro economically viable. It also roflects a valid cansideration af the reduced land values since 1987 and considerntion lhat the intlation rete hns not Ixen at 10% since 1987. The amount is equivalenl to the sum the Developer willingiy paid to the Town ia 1994 for 180 unils adjusted thereafler by the actuni rate of inflation. (The economic climate has generolly improved since 1994.} Receiving less then thm m�ximurn under the Agreement now may bc more beneficial to the Town than requiring suict compliance with the Agrccment which could result in the development not proceeding nnd the Town would receivc no tunds at this t(me. Strict npplication of the Agreemenl mny lead to possible lcgal battles over the enforceubility of escalation provisions of section 33 of the Agrcement end will create bnd-wil' between the Town and n corporute citiun with whom it has had a favorable irack record in the past. (On the other hnnd, Council should talce into consideration that the Developer is rccciving e benefit of 592,778 by insisting on the strict interprctation of the Agrcoment ns il rclates to the rate of Development Chnrgcs applicable). Cone; The amount is Icss than tlic maximum availnble under thc Agrcement and comcs at n time when the Town is fccing tight financinl prcssurcs from provinclnl downloudirg, legislutive chenges, assessment refortn and the rtJuction af funding from other sources. A rcduction of this naturc may be viewed es a prccedent by �thcr developers whose land vnlues huve decreased over the yeurs. 9ption No.3 Require paymeat (n oa amouot equal to SY. af !he valuc of the land� as of the dote ot t6e tan�nce of the buildiug permit (o acrnrdance with e:t�ting Town practice. The Developer 6a� provided an up�to-date apprnisal of value whtch determioa the tofol vrlue of the lands tor tde flnal :wo p6asc� of development at 53,760,000 (P6asa 4 and S). If the value of t6e land is allocated pro-reta laad area baeB to ths tinal Z phaaa, then t6e hiilienntum development land� are atimated to be valued at 52,035,000 which would yfeld a 5°/. ca�h-in-Ileu payeble of S101,750. Thb would represeot a reduction of 5483,236.50 from thc amount required to be paiJ pnronaot to t6e Agre,emenl. Proe: This amount would rcprosent a vcry large cost savings to the Dcvcloper which will makc the project economically vinble to ihat Developer. Con�: This amount would rcpresrnl a radical roduction of 5483,236.50 from the nmount rcquircd to bc pald under the Agrcoment. it is unlikely lhet lhe sum of SI01,750 would be sufTcient to satisfy t5e incrcased parkiend rcquircments of the Town arising from the addition of 253 ndditionel houuholds. The appreisol nrovided bv the Devolooer was based on ehe Comparntivc Approach. 71�e Apprelser indicntcd that "lhe Compdrative Approach wes somcwhet limited for compareblo sale� and other rcliable mazket date wero not andily evnllable In tho subJocCs immediate locale". Accordingly, an nppreisal based on the Developroent Appronch would havc proven to be a moro roliable approach and should havo becn undertaken; (If th(s opNon is selected, . Council ahould consider rcquidng an eppraisal bsaed on the Davelopmont Approach). 71�e appreisal ahould be revfowed with heallhy'ekept(ciam. '� � _ �;� t ' i f G� � t � ' � X�R11 - � -:. I � �.. 1 W.$ir''S� ,5�, ti S� .. , Y_ . , ,....,., � ...'11�'�� . c.... . -.,b...� :. . . .. . . ... . . .. .. . . . .. , 1 :} r ��. .. . ., � . . � �J1�P0(ll000UI1C1� ^ ... . .. - . �,� L63�98 Datc: May 23� 1998 SubJect: Poyment of Development Chargea end � Pago 7 Cesh-in-lieu of Perklend Dedicatlon 'Ihe nmount of cesh-in•lieu rcquircd for this development will creato a prccedent for the other high density residentiel proposals in the erea. Tho reta of 5% is not a suitable besis far itie determinalton of parkland dedication for high density developments. The Town is entitled to pass e bylaw pursuant to the provision in ils Oflicial Plan to requiro lha eltcmative rate of parkland dedication or cash-indicu for high densiry rcsidential development et tho rate of up to one hectare for each 300 dwelling units pursuant t� Section 42(3) af the Planning Acl. If tt:e meximum rete is npplied to this proposal, the 253 unit would yield .84 hecwres. Thc land value of 52,035,000 applied to .55 hectarcs of land. Therofore it could be argued (provided the Town pnsses such e by-law), thet the Town is enlitled to require parkland dedication which greatly exceeds the amount in the Agreemsnt of S584,986.50, Option No 4 Requlre payment in the amouat o[ 5376,216 wh(ch L+ determined by taking th: baae caeh-(n-lieu ot parkland amoudt per p6ase a� detcrmined In 1987 (S278,56� and (nde:ing t6at aroount trom 1987 to 1988 by the actue11n0allon rete tor Toronto based on the Coa�umcr Prlce Index. This opHon rcaults In a reducNon from tde amount requlred under the Agreement by tde aum of S208,770.50. Pro�: Thc amount assists thc Dcveloper in meking the project moro economicelly viable and adjusts for the fact that lhe rate of in0etion was not 10% over the pest 10 years. Coos: The nmaunt is less than thc maximum available under the Agrcement end is less thnn the amount that the Developer was willing to pay in l994 for thc Cesite phase. Tho economic cl(mata � �verscly hus generally improved since 1994. ATTACHMENTS: 1. Location Map. 2. DreR Bylew. Prepered Dy: Endorud By: ,. i , Pengy-W� r Thomes J. umn �� f� (/ ' Copy: General Manager °i��' .;;'; � s1 A r s a � �4..'� r .. S ._ r , 1 '' ' . i �� : � r. �: .,,'ryf' _'.!R.r,fL,.�.... �, .. - e ��_.... f i ..�! ...! .. ,t �� .�> <.� . .... .�. .�. . i . _ . . ,. . . _ . . � � .�" , . . � . ' - . � � . . � .!. . . :a . . _ Z .:.. �. « 3, -.�:. ,..::� t .�' ��. S : �.. 1 �. ,.. ','. ', . �.:. �, - �.: �.. ' , ` , '°'- ' ATiACHMENTN.a'�;TOREPORTM�` , r �� THE CORPORA'[(ON OP THE TDWN OF PICKERtNO BY-LAW N0. Being a bylaw ro euthoriz; the execmion of en Agrcemrnl botween the Town of Pickedng and Discovery Plea Limfted rcgarding the paymcnt of development chargea and cash in•lieu of parklan� dedicaUon for the Miliennium at Discovery Plece on parl of Lot I I, Plen 40R•10070, Pickering. WREREAS Section 9(8) of the Development Charges Act, R.S.O. 1990 c. D.9 authorizes the Town to enler into agrcemenis for the payment of development charges on dates later than the issuing of a building pertnit; WHEREAS the proposed 253 unit high-rise residenliel develupment will be constructed through the issuance of staged building permits, Ihe firsl permit being a conditional building permit for the underground works end the ucond portnit will be issued for the above•ground superswcture; WHIsREAS the Town's existing prnctice requircs all development charges end cnsh•in•lieu of parklend dedication to be paid prior to lhe issuance of the first building permit issued for the devr.lopment; WHEREAS the Town desircs to enkr into an agrcemrnt witli Discovery Place Limited regarding the timing of Ihc pbyment of the Town's development charges and the cnsh-in•lieu of parkland dedication on the propoud Millennium at Discovery Place condominium developnent to be located on paR of Lot 11, Plan 40R-10070. NOW THEREFORE THE COUNCIL Of THE CORPORATION OF THE TOWN OF PICKERING HERGBY ENACTS AS FOLLOWS: l. The Mayor and Clerk arc hereby authorized to execute nn Agrecment wilh Discovery Place Limited, prepnred in a form acceptabie to the Town's Solicitor, which provides for the de&rred pnymant of the Town's development charges and cash•in•lieu of parkland for the 253 unit (Millennium at Discovery Place) develepment for a poriod not exceeding six months from the date of issuance of the irst building permit for the underground works. 6 Y•LAW rcad e first, second and lhird time and finally passed ihis 1 st day of lune,1998. �, ,TC11`IOE � PICI ��J :0 - ; ' � �� ;i Waync Adhurs, Mayor �j � -!P ! f ', � • + h� � Brucc Teylor, Cierk „ �� r LE AL pT t ,� �z r � rs35 i t}��.t��7 � ir.`� � .� .,. . . . � . . . . N, a �4WY y t E i � ,_� i 4`�Y�� A �> .y, x , �, �. d�y � Y��1.rCrr�'t�r�.��,`� � F, a _.yiiA.� Q�b�ti�.s°�,�i`' �� t fi. 1 , 1 y.j� y ��..ii�� (f �51 57; �! ' �: 3� 4 f �� In 3 �,�j �� k �' �i'�� 'F.iE�'�+_:Id� e.ia.>� r- . �+. � . * � . . � � . . �: �� :: - � {„.- k .� ��. • THE CORpOjtATION OF THE TOWN OF PICKER�U � ;� BY-LAW N0. 5322/90 Boing s bylaw to authodze the execudon of an Agreement between the Town of Pickering and Discovery Plsce Limited rcgarding ihe payment of development charges and cash ia•lieu of parkland dedication for tho Millennium et Discovery Plece on part of Lot I i, Plan 40R-10070, Pickering. WHEREAS Section 9(8) of the Development Charges Act, R.S.O. 1990 c. D.9 authorius the Town to enter into agrcemonts for the p�ymcnt of development charges on dates later than the issuing of a buiiding pertnit; WHEREAS �tie proposed 253 unit high-rise rcsidential development will be consWcted through the issuance of staged building permits, the first portnit boing a conditional building pertnit for thc underground worke and the second permit will be issued for the nbove-ground superswcture; WHEREAS the Town's existing practice requircs all development charges and cash-in•lieu of pazkland dedication h be paid prior to the issuance of the first building pertnit issued for the development; WHEREAS the Town desircs to enter into an agrcement with Discovery Place Limited rcgarding thc timing of ihe payment of the Town's development charges and the cash-in-lieu of parkland dedication on the proposed Millennium at Discovery Place condominium devtlopment to be located on part of Lot I I, Plen 40R-10070. NOW THEREFORE THE COUNCIL OF TNE CORPORATION OF THE TOWN OF PICKERING HEREBY ENACTS AS FOLLOWS: I. The Mayor and Clerk arc hereby authorized to execule an Agrcement with Discovery Place � Limited, prcpared in a fortn accepteble ta the Town's Solicitor, which provides for the 'i deCerted payment of the Town's development charges end cash-in•lieu of parkland for the j 253 unil (Millennium at Discovery Place) developmant for a period not exceeding six �i months from the date of iuuunce of the first building permit for the underground works. i I � DY-LAW rcad e first, ucond and ihird time and finelly pass��d this 1 st day oflune, 1998. TC!V:1 C�F PICY.�.'•.i�:o I�� .i �r-0 Wayne Arthurs, Mayor d••� t � !; B�uce Taylor, Clerk • . LE AL =?L r�:-x � DINS - �� , . . � , ., . . �. �. ..,- . , � . .-�.�. . . � -.. > ,c;- ;��.., .. o .. .. . . �.. -' . . }SF: _ f . �� r � � � �} ��" 1 ��ii�� y} . . :�.. . . .. i�� } Y.. . .. , ., �, ... � . , � t, ,. . .. . .. _, , _ -. . . .. .. �f.��;�ti r.t i