Highlights of the new policy include:

• Development may include single family (including condos, townhomes, cottage courts, twin homes) and duplexes
• Developer must propose a minimum of 5 single or 10 two-family dwelling units requiring public infrastructure to be eligible for the policy
• Eligible project costs include water and sanitary mains and laterals, street and storm sewer construction, and detention basins and storm water facilities
• 2019 applications are due by Monday, October 7, 2019 at 4:30 pm in the Development Services Department in City Hall
• After 2019, applications would be due on the last Monday in July
• The Board of Public Works would review and approve applications
• Prioritization of selection projects would be based on the following:

• Estimated assessed value created
• Number of units developed
• Meeting the needs in the 2019 Housing Study update
• Opening up additional land for future development

• Successful applications would require a Development Agreement
• Developer’s responsibilities including the following:
  • City Engineering fees deposit at time of approval
  • Guaranteed minimum assessed value to be generated within 5 years
  • May not restrict builders. Lots remaining vacant after 3 years of street construction must be available for sale and the sale price after 3 years may not exceed 10% over the fair market value of the lot
  • Paying assessments as set by the Development Agreement within the required timeframe in the Housing Incentive Program policy
  • Installation of other utilities such as electric, street lighting, gas, cable, telephone, etc.
  • Determine assessment
  • Engineering
  • Administer bid process
  • Award and manage construction
  • Construction Administration and inspection of infrastructure
  • Payment
    • Developer will be responsible for paying for 10% of the total eligible project estimate upfront upon approval Development Agreement.
    • City (including the EDB’s contribution) will contribute 50-60% of the project costs and will borrow funds
    • The Developer will be responsible for the remaining costs through special assessments as unit are sold
    • Developer would pay the remaining 30-40% of the eligible project costs, based on final construction costs, upon sale of a lot with improvement or dwelling unit sold if the land remains in common ownership
    • Interest will accrue on the unpaid assessment balance at a rate that is 2% higher than the City’s borrowing rate, starting from the date of City borrowing
    • All assessments must be paid in full, including interest, within 5 years of approval of the Development Agreement
• Estimated assessed value created
• Number of units developed
• Meeting the needs in the 2019 Housing Study update
• Opening up additional land for future development
• The City’s responsibility:
• Determine assessment
• Engineering
• Administer bid process
• Award and manage construction
• Construction Administration and inspection of infrastructure

• Payment

  • Developer will be responsible for paying for 10% of the total eligible project estimate upfront upon approval Development Agreement.
  • City (including the EDB’s contribution) will contribute 50-60% of the project costs and will borrow funds
  • The Developer will be responsible for the remaining costs through special assessments as unit are sold
  • Developer would pay the remaining 30-40% of the eligible project costs, based on final construction costs, upon sale of a lot with improvement or dwelling unit sold if the land remains in common ownership
  • Interest will accrue on the unpaid assessment balance at a rate that is 2% higher than the City’s borrowing rate, starting from the date of City borrowing
  • All assessments must be paid in full, including interest, within 5 years of approval of the Development Agreement