November 3, 1999

POLICY AND FINANCE COMMITTEE:

City Council, at its meeting held on October 26 and 27, 1999, had before it Clause No. 19 contained in Report No. 8 of The Policy and Finance Committee, headed AOther Items Considered by the Committee@.

Council directed that the following Item (h), embodied in the aforementioned Clause be struck out and referred back to the Policy and Finance Committee for further consideration:

"(h) Area Specific Development Charges

The Policy and Finance Committee reports having received the following report:

(October 6, 1999) from the Chief Financial Officer and Treasurer, reporting on area specific development charges, and in particular, as they apply to the previous Sheppard Subway development charges imposed by the former Municipality of Metropolitan Toronto; advising that the projected annual revenue based on the approved schedule of charges is estimated at $15.0 million, or $150.0 million over the ten year planning period which is approximately the same amount that was collected through the development charge regimes of the former municipalities in 1998; that the City-wide schedule of charges adopted by Council provides for partial recovery of development related costs for a variety of services such as fire, roads, water and sewage, parks, libraries and transit, including costs related to the Sheppard Subway project; that with the exception of the former Metro Sheppard Subway development charge by-law, none of the former municipalities imposed a charge in respect of development-related transit infrastructure costs; that recoveries from the transit component of the new development charges on a City-wide basis is estimated at $19.0 million over ten years, of which approximately $10.0 million is attributed to the costs of the Sheppard Subway, as compared to the total estimated transit recoveries of $11.2 million from the former Sheppard Subway area-specific development charge by-law; and recommending that this report be received for information.

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(Mayor Lastman declared his interest in the foregoing matter, in that partners at the same law firm as his son, who is not a real estate lawyer and does not personally act on these files, are representing applicants and have worked on related files.)

(Mayor Lastman, at the Council meeting on October 26 and 27, 1999, declared his interest in the foregoing matter, in that the Applicant=s solicitor is employed by the same law firm as his son who is not a real estate lawyer and does not personally act on this file.)"

for City Clerk

J. A. Abrams/sb

Encl.

c. Chief Financial Officer and Treasurer