The Town of View Royal has changed its Community Amenities Contribution Policy to improve contributions and create a dedicated reserve fund.
At a board meeting on November 16, a bylaw to create the reserve fund and a policy change were unanimously approved.
With the adoption of the by-law, all contributions under the policy will be kept in a separate reserve that can only be used for projects that provide “a public benefit, improvement, or contribution that can improve the quality of life of” a community “.
“I think it’s always better to have a dedicated fund,” said View Royal mayor David Screech. “This will clearly be money that has been donated for the community that can be used for things that otherwise could not be built or carried out.”
The policy guides the city’s negotiations with residential developers to seek financial contributions as part of any rezoning process, to be allocated to projects that make the community more liveable.
The public is usually invited to have a say in the use of funds, said Screech, when the time comes to spend them on a project.
While total contributions are negotiated on a case-by-case basis, city council has increased the city’s target rate for each new detached housing unit from $ 5,000 to $ 6,000, while the target for each new residential unit of any other guy went from $ 3,500 to $ 4,000.
The policy changes also include a new requirement that 10% of cash commodities received be transferred to the Capital Regional District Housing Trust Fund.
“We felt that there should be some contribution to the Development Affordable Housing Fund (CRD) at View Royal,” Screech said. “View Royal has contributed to (the fund)]directly since its inception. It’s beyond that, and we believe that more what can be contributed to affordable housing for the region can only be a good thing.