In my last post, I did not note that the building had changed from a senior's building to an apartment building. This is a welcome change. Hopefully the building will attract a mix of ages, although I'm pretty sure that the rents will be such that the range of incomes will be small. There is an opportunity to have some affordable rents in the building if one used the Section 37 agreement to subsidize some of the apartments. Section 37 of the Planning Act allows the City to collect some additional funds from the developer when a property is up-zoned and increases in value. In this case the amount negotiated is $450,000 and is to be used for:
• "$400,000 for development of the City Park on the land acquired on site through parkland dedication. Should any remaining funds be available upon completion of the said park, contributions will be allotted to the Ward 15 Cash-in-Lieu of Parkland account for improvements in the area." and
• "$50,000 in a Ward 15 specific fund for affordable housing. The use of funds within this Ward 15 fund is under the discretion of the General Manager of Community and Social Services."
Although I would prefer Provincial and City Politicians to start to think about the concept of land "rents" instead of onetime grants (https://doc-research.org/wp-content/uploads/2016/10/Dirk-Loehr-Final-Text-Rhodes-Forum.pdf) the allocation of $50,000 to social housing can be lauded. It would be nice if all the funds were dedicated to creating affordable units within this particular project. I am concerned by the $400,000 going to complete the park that is being dedicated by the developer. There the park will benefit all the people in the immediate vicinity, including many in the proposed apartment building. Significant "cash in lieu of parkland" is being collected by all the "gentrification" in this neighbourhood, cannot it be used?
If you agree don't hesitate to email Jeff Lieper