Meaford now has an updated development charges by-law to cover all types of development in the municipality for the next five years.
Council has approved a by-law which sets new rates for all classes of residential, commercial and industrial development. Treasurer Darcy Chapman says consultants estimate that Meaford will grow by 370 new homes over the next decade. Development charges to pay for expanded services are expected to bring in between $350,000 and $500,000 annually.
Chapman says the consultants based the estimates is on an average of 37 new homes built each year.
The revenue will go to help pay for roads, sewers, the library and other municipal services the municipality will have to upgrade to handle the growth.
Council reduced the charge on single-family and semi-detached homes by up to $550 depending on where the house was to be built and also decided to lower the development charge on row housing, condominiums and other multiple-unit residential buildings by $535 depending on their location.
On industrial construction, however, council and staff decided to raise the development charge between 20 and 25 per cent.
