FAQs
If there are liens registered on the title of these properties, how much additional expense will the town incur in transferring them back to the municipality if the purchaser stops paying their taxes?
As a condition of approval, Council may require the applicant of the approved eligible property enter into an agreement with the Town respecting the terms, duration, default and termination provisions of the grant. Council may also apply other conditions to the approval where appropriate and warranted.
The agreement will define the obligations of both parties, reimbursement by the Town upon occupancy being achieved, responsibilities of both parties if the project is not complete for any reason. The Town will retain a right of first refusal if the applicant fails to achieve the project within the timeframe approved by Council or sells the lot to a third party prior to construction. In either event, the applicant will restore the lot to its original condition.
What is the number, and location, of the municipal lots within the Community Improvement Plan area(s)?
The number of lots and their locations is currently in the conceptualized phase.
What type of dwellings designations are being proposed?
As per the draft CIP, Council will consider the sale of municipally owned residential property at $10 “per lot” to applicants who meet the program requirements. For example, an applicant who is approved under this CIP intends to build a single detached home on a single detached lot will purchase the lot at fair market value (e.g. $5,000) and, provided the applicant achieves occupancy of the new single detached home within a two-year period and meet the terms and conditions within this CIP, the difference between the fair market value and $10 will be reimbursed to the applicant (e.g. $4,990).
To ensure that the CIP stimulates a full range and mix of housing types, the $10/lot will be calculated on a per unit basis. For example, an applicant who is approved under this CIP intends to build a four-unit multiple dwelling on a lot will purchase the lot at fair market value (e.g. $10,000) and, provided the applicant achieves occupancy of the multiple dwelling within a two-year period and meets the conditions in this CIP, the different between ($10,000) and $40 will be reimbursed (e.g. $9,960).
Will the municipality ensure that we are in compliance with regulations that the Government has implemented regarding foreign buyer's?
The municipality will follow regulations of both the Federal and Provincial governments that are in place in terms of Foreign purchasers as it pertains to this initiative.
What is the end date of the Community Improvement Plan?
Currently, the date of implementation of a final Community Improvement Plan is being determined.