Report to: General Committee Report
Date:
SUBJECT: Woodbine Cachet Sanitary Sewer Oversizing Reimbursement Agreement
PREPARED BY:
RECOMMENDATION:
That the report titled “Woodbine Cachet Sanitary Sewer Oversizing Reimbursement Agreement” be received:
And that the Mayor and Clerk be authorized to enter into a reimbursement agreement with Woodbine Cachet West Inc., in a form satisfactory to the Town Solicitor
And that Staff be authorized and directed to do all things necessary to give effect to this resolution.
EXECUTIVE SUMMARY:
Not applicable
The purpose of this report is to authorize the Mayor and Clerk to enter into a reimbursement agreement with Woodbine Cachet West Inc. to facilitate their recovery of costs incurred to build an oversized sanitary sewer that provides capacity to the Cathedral Land Owners.
The Town of
The oversized sanitary sewer was completed between 1999 and 2002 in the Woodbine North area (south of the Cathedral area), and was designed to provide capacity for development of the Cathedral area.
The reimbursement agreement is similar to a development charge credit agreement, in that a developer constructs, or pays the Town to construct infrastructure. The difference is that the developer in this case, did not receive credit for these works at the time the development charges were paid, but rather was seeking to be reimbursed by future development in an area benefiting from the infrastructure.
The reimbursement agreement will authorize the return of funds to Woodbine Cachet West Inc. from the proceeds received in ASDC 46, on a proportionate basis. In other words, the total amount to be collected for ASDC 46 is $5,220,055, of which the Woodbine Cachet West Inc. sewer oversizing is $399,500, or 7.653%. For every $1 of development charge paid into the reserve, Woodbine Cachet would be reimbursed $0.07653.
The amount of
development charges collected in ASDC 46 as of December 31, 2007 is
$2,448,935.16, therefore the payment to Woodbine Cachet West Inc., upon
execution of the agreement, would be $187,417 (7.653%) plus a portion of any
additional development charge payments made at the point of agreement execution.
The reserve balance in ASDC 46 as of
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RECOMMENDED
BY:
________________________ ________________________
Treasurer Commissioner, Corporate Services
Copy of Area Specific Development Charge 46 (Cathedral) details