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Developers will have to pay for these types of growth-related services in Oakville.
Town council approved the Development Charges (DC) Background Study and passed a new bylaw at its Feb. 27 meeting.
It’s to ensure Oakville continues to recover a significant share of costs associated with growth-related services and infrastructure.
“Growth and development in Oakville should pay its way rather than being financed through taxpayer dollars,” said Mayor Rob Burton.
“The by-law allows the town to continue collecting fees from developers to help fund growth at a manageable pace in the years ahead.”
Residential development charges are increasing by an average of 27 per cent, depending on the unit type.
Meanwhile the non-residential charge is set to decrease by three per cent.
Net costs required from development charges over the next five years – to finance planned residential and non-residential growth infrastructure – in Oakville is pegged at more than $199 million, a study finds.
Consistent with the province’s Places to Grow legislation, Oakville’s population is expected to grow to approximately 246,400 residents by 2031.
Development charges provide”a considerable funding source to build the infrastructure required to accommodate this anticipated growth, according to town staff.
Charges are applied to construction of new residential and industrial/commercial properties, and are charged to developers to pay for town capital projects that service new growth including roads, transit, sidewalks and streetlights.
Town staff say they’ve worked closely with consultant Watson and Associates Economists Ltd. and engaged development industry representatives to develop a bylaw that meets Oakville’s future infrastructure needs.