Agreement for fixed assessment
3. (1) Where the use of any land within the Parkway Belt Planning Area is not in conformity with the use designated for such land in the Parkway Belt Plan or in any local plan covering such land, and the assessment of such land is increased because of such designation, the local municipality in which the land is situate and the owner of the land may, with the approval of the Minister, enter into an agreement providing for a fixed assessment for the land reflecting the use to which the land is being put, to apply to taxation for general, school and special purposes, but not to apply to taxation for local improvements. Term of agreement (2) Every such agreement shall be for such term of years not exceeding three as the Minister approves and the Minister may, in granting approval, attach such terms and conditions thereto as he or she considers appropriate. Procedure (3) Where a parcel of land has a fixed assessment under subsection (1), assessment (a) the land shall be assessed in each year as if it did not have a fixed assessment; taxes (b) the treasurer of the local municipality shall calculate each year what the taxes would have been on the land if it did not have a fixed assessment; and record (c) the treasurer shall keep a record of the difference between the taxes paid each year and the taxes that would have been paid if the land did not have a fixed assessment and shall debit the land with this amount each year during the term of the agreement and shall add to such debit on the 1st day of January in each year such interest as may be agreed upon on the aggregate amount of the debit on such date. Payment to municipality (4) The Minister may, out of the money appropriated therefor by the Legislature, pay in each year to a local municipality in respect of which an agreement made under subsection (1) is in force, an amount of money equal to the difference in the taxes paid pursuant to the agreement and the taxes that would have been paid if the land covered by the agreement did not have a fixed assessment. Apportionment (5) Where a local municipality receives an amount under subsection (4), the council of the local municipality shall apportion the amount to each body in the same manner as taxes would have been apportioned if taxes had been levied in the normal manner on the assessment in accordance with clause (3)(a). When agreement terminated (6) Where the land or a part thereof that is subject to an agreement under subsection (1) ceases to be put to the use that was the basis for determining the fixed assessment, the agreement is thereupon terminated with respect to the land or such part thereof. Registration of agreement (7) Any agreement entered into under subsection (1) may be registered against the land affected by the agreement and when registered such agreement runs with the land and the provisions thereof are binding upon and enure to the benefit of the owner of the land and, subject to the provisions of the Registry Act, any and all subsequent owners of the land. Termination of agreement, as to all lands (8) Where an agreement is for any reason terminated in respect of the whole of the land, the owner shall pay to the local municipality the amount debited against the land, including the amounts of interest debited in accordance with clause (3)(c). as to part of lands (9) Where an agreement is for any reason terminated in respect of a part of the land, the owner shall pay to the local municipality that portion of the amount debited against the land, including the amounts of interest debited in accordance with clause (3)(c), that is attributable to the portion of the land in respect of which the agreement is terminated. Payment to Minister (10) Where a local municipality receives a payment under subsection (8) or (9), the treasurer of the local municipality shall forthwith pay the amount of money received, including the amount of debited interest, to the Minister. Termination of agreement by owner (11) An agreement may be terminated on the 31st day of December in any year upon the owner of the land that is the subject of the agreement giving six months notice of such termination in writing to the local municipality. Apportionment (12) For the purposes of an apportionment required under any Act, the assessment used as the basis for such apportionment shall include the assessment determined under clause (3)(a). R.S.O. 1990, c.P.3, s.3.