City Council meeting highlights of February 23 and 24, 2009
Freeze on development charges Council adopted a structure for development charges, freezing the fee at current levels for the next two years (until January 31, 2011). The intention is to give the development industry some predictability and to help protect Toronto’s prosperity. A new development charge bylaw will come into effect on May 1, 2009. It will replace the existing bylaw and will allow the City to continue to collect development charges to pay for a portion of municipal growth-related capital costs for municipal services. The new bylaw provides for a multi-year phase-in of updated charges on housing construction starting in February 2011 if construction activity reaches certain pre-determined levels - with exemptions such as affordable rental housing and industrial development. (More details in a news release dated February 25: http://wx.toronto.ca/inter/it/newsrel.nsf)