Local Improvement Charges. There are no Local Improvement charges assessed or outstanding for the Lands.
Local Improvement Charges. Municipalities are uniquely able to offer financing tied to a property using a Local Improvement Charge (LIC) mechanism under the Municipal Act (2001). This mechanism is often referred to as Property Assessed Clean Energy, or PACE, in the United States. In 2012, the Ontario Ministry of Municipal Affairs and Housing authorized Ontario Regulations 322/12 and 323/12, amending O.Regs. 586/06 and 596/06 under the Municipal Act, 2001 to: • Expand the uses to include energy efficiency, renewable energy and water conservation in alignment with municipal goals and policies; • Remove the burdensome LIC set-up barriers since participation is voluntary; • Remove the right to petition or appeal against or in favour of this type of LIC; • Include a user-pay method that covers all municipal costs including marketing, interest, and administration; • Include repayment to the municipality as a temporary charge on the property tax bill that stays with the property not the owner; and • Allow the owner to make lump payments to clear the outstanding balance. Through an LIC program, municipalities can: • Enable property owners to improve the comfort and environmental performance of their buildings; • Target areas in transition or in need of repair, rehabilitation and redevelopment; • Support appropriate building upgrades through expert advice and oversight; • Stimulate private investment in property upgrades that reduce energy cost exposure to residents and businesses; and • Stimulate local job creation in the contractor, trades, and renovation sectors Participation is voluntary and only affects one property. To date, programs using LICs or similar mechanisms have been offered in 14 Canadian municipalities and 36 American states to finance green technologies or improvements in homes and commercial buildings. Experience in other municipalities has shown that LIC programs drive energy efficiency improvements of approximately 30% in participating buildings per retrofit. Although this is not enough to meet the 64% energy reduction target set for residential buildings in Ottawa under the Energy Evolution Strategy, it is a good start that can be improved upon over time. Existing LIC programs have been successful by helping overcome some of the most significant barriers to deep energy retrofits of homes including: • Ownership term uncertainty and long payback period – Home ownership in Ottawa is approximately 7yr whereas retrofits often have a 10 to 20-year payback period, so longer ...
Local Improvement Charges. As of the Closing Date, there will be no unpaid local improvement charges, development charges or special levies outstanding against the Property.
Local Improvement Charges. The Developer agrees to commute and pay all charges, including the Towns’ share, made with respect to the Local Improvement Act which are assessed against the Lands before or at the time of execution of this Agreement, as set out in Schedule “D” to this Agreement.
