New Development Cost Charges in Terrace Help to Ease Load on Residential Tax Payers

Applicants for building and subdivision permits in Terrace will need to open their wallets a bit wider beginning next year.

Development Cost Charges are fees which help fund growth-related infrastructure and parkland development, and they are coming to Terrace.

Under the Local Government Act, municipalities can collect the fees to go towards sewer, water, drainage, and transportation related infrastructure.

Collecting the fees through developers in turn eases the load of such expenses on residential tax payers’ rates.

City Council has approved a 4 year implementation plan, including gradual rate assistance, after which the following rates will become final.

Fees for residential dwellings will range from 4,600 dollars per dwelling for apartments to 9,000 for single detached dwellings.

For businesses, commercial rates will be 32.29 per square metre of floor area, industrial rates will be 19.63 per square metre, and institutional rates will be 44.16 per square metre.

Next year, the City will cover 50 percent of the charged rate for the first year, decreasing by 15 percent each year of the plan until 2026.