Developer to pay $2.9 million

Development cost charges calculated for Summerland's Banks Crescent proposal

The proposed Banks Crescent development will bring millions of dollars to Summerland.

On Oct. 25, a presentation at a municipal council committee of the whole meeting outlined the costs which will be paid by the developer.

The direct costs for the proposed 424-unit seniors housing development are expected at $1.2 to $1.8 million.

Community amenity contributions, negotiated between the developer and the municipality, have not been determined, but could come in at roughly $1.9 million.

Development cost charges expected to come to $2,921,477. These costs are for water, drainage, sewer, roads and parks.

Money for electrical work is not included in development cost charges.

Development cost charges for water will come to $439,700 and include connection to the site.

Storm water costs, to extend the discharge pipe, connect to the existing storm system and for downstream system upgrades, will total $147,147.

The sewer costs will total $485,219. These costs include an extension of the discharge pipe, connecting to the existing system and downstream sewer system upgrades.

Road work costs for Solly Road and Latimer Road will come to $1,477,254, to cover the costs of upgrades to the roads.

Costs for parks are calculated at $408,158.

Electrical upgrade costs are not included in Summerland’s development cost charges. However, the developer will pay construction costs, the cost to upgrade the line from Highway 97 to the development and the connection fees.

In addition, the developer has proposed the cost of converting overhead lines to underground service from the site to the lakeshore.

Fortis B.C. will upgrade the substations in Summerland when they reach 95 per cent of capacity. This cost falls to Fortis, not the developer or the municipality.

A full report on the development cost charges will be presented to municipal council for the next council meeting, to be held Nov. 14.

Just Posted

Most Read