Notice of 2016 Phase-In and Indexing of Development Charges
In accordance with subsection 7.05 of By-Law 2015-224, the phase-in of development charges shall be completed on January 1st, 2016 as per Schedules 1 and 2 to the by-law. In conjunction with this, in accordance with subsection 7.06 of By-Law 2015-224, starting on January 1st, 2016 development charges shall be indexed annually in accordance with the Quarterly Construction Price Statistics Index published by Statistics Canada. In particular, indexing shall be calculated by comparing the most recently published index with that corresponding to the base date of September 30th, 2014.
Therefore, whereas the index stood at 154.4 on September 30th, 2014 and at 157.2 on September 30th, 2015, the development charges that would have otherwise been in effect for 2016 pursuant to By-Law 2015-224 shall be indexed by (157.2/154.4 – 1)*100% = 1.813%. The resulting indexed development charges for 2016 shall take effect at 12:01am on January 1st, 2016 and they are located on the City’s development charges website at http://www.city.kawarthalakes.on.ca/property-development-by-law/building/development-charges-bylaw. The purpose of indexing is to ensure development charges reflect inflation in capital construction costs faced by municipalities.
For more information, please contact:
Susanne Murchison, Chief Building Official email@example.com
Adam Found, Manager of Corporate Assets firstname.lastname@example.org