The current development charges bylaw in Prince Edward County is set to expire in March 2018 and it means council is taking a look at any changes they need to make.
Andrew Grunda of Watson and Associates Economists Ltd. provided council with a very in depth report highlighting how they as a municipality can recover capital costs associated with growth in the county.
He says council can choose to put development charges in place uniformly or in specific areas or types of properties.
The charges on a single detached two bedroom home would see development charges of $6,543 today, and the new charges would see that increase by $1,143 or two per cent.
Currently, the County has an exemption in place in the urban serviced areas, which sees only half of the development charges in place, but if that were to change, developers would see the costs increase from $3,272 to $6,686 dollars.
When it comes to non-residential, the charges currently sit at $3.98 and under the new calculations would drop 63 cents.
Grunda told council that based on $69.6 million of gross capital costs, $20 million is recoverable capital through development charges.
There will be a meeting with developers to discuss any changes to the development charges, followed by a meeting open to the public.
Council made it a point to ensure special interest groups would be aware of the public meeting to make sure they are informed, can ask questions and offer any input.
Council will have the final say on any changes to the bylaw.
They need to have the new bylaw in place before the current one expires in March.
