Cash-in-lieu required for commercial and industrial development

At the Oct. 10 meeting, Caledon council passed a resolution to enact a bylaw that requires payment of cash-in-lieu of the conveyance of land for parks or other public recreational purposes. The payment affects applications submitted after

Dec. 31, 2006 to the Town of Caledon for the approval of commercial or industrial plans of subdivision or severances.

The steady growth of Caledon's population means there is also an increased demand for appropriate

recreational facilities to meet the needs of residents. The cash-in-lieu payment creates a revenue stream for the Town that can be attributed to public recreational services, without imposing a tax increase to residents. In accordance with the limitation

in the provincial planning act, the requirement would be imposed at a rate of 2% of the value of the land that is to be developed, as determined by an appraisal.

The Town of Caledon joins many other municipalities

in the Greater Toronto Area (GTA) to impose a cash-in-lieu condition to commercial and industrial development. The locational advantages of Caledon plus its competitive cost of doing business offers developers and business investors an attractive alternative to other municipalities in the GTA.

Complete details about the policy and new bylaw can be obtained from the planning & development department.