The estimated cost of the Open Space System and the acquisition options will be developed and evaluated through the Financial Impact Assessment being completed for the Clair-Maltby Secondary Plan in its entirety. The Financial Impact Assessment will be brought forward for Council’s information and consideration prior to approval of the CMSP. This may inform amendments to the recommended Open Space System.
Funding for the purchase of the lands may come from the new community benefit charge or other municipal sources. The province has passed legislation that replaces certain development charges, parkland dedication and density bonusing revenues with a new community benefit charge. These are significant revenue streams for the City which are used to the fund growth-related park acquisition and development, recreation facilities and equipment, parking and library facilities in the long-term capital plan. There is a great degree of uncertainty around the future of these revenue streams due to the provincial development and expected consultation process of the community benefit charge regulations.
There may be fiscal impacts from these changes that cause an increase in property taxes and/or a reconsideration of the capital plan, including reducing the size and scope of projects or extending the time horizon of when the project would begin. The fiscal impacts may also result in revisiting service levels as defined in the Official Plan and Master Planning documents.
The City is actively participating in conversations with our peer municipalities and professional associations, monitoring the provincial development of the community benefit charge legislation and advocating for revenue neutrality through these changes through political channels. Staff will advise Council as soon as more information is known.