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Old Posted Oct 24, 2014, 4:14 PM
halifaxboyns halifaxboyns is offline
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Join Date: Feb 2010
Location: Calgary
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Quote:
Originally Posted by Innsertnamehere View Post
Toronto doesn't use land value capture, which appears to be what you are describing there. Land value capture isn't part of the expanded municipal powers given to toronto by the City of Toronto act. Toronto gets money from something called the land transfer tax, which is where they tax house sales based on a certain percentage of the sale price.

A common way of funding local improvements for things like parks is done through something called section 37 funds, which is where the city charges developers to allow for higher densities. They will tell them to pay $5 million or something in exchange for higher than zoned densities. I believe they have this power with or without the City of Toronto act.
Paul Bedford explained those at the APPI conference...very unique and interesting tool. Rollin likes it too, but doesn't think we'd get something like that in Alberta. So instead we'd do a different idea of Density Bonusing. Same logic (you start out low, can go way higher in density for a bunch of improvements) but the list of things you could do would already be approved by council, versus Toronto where City Council decides if your Section 37 contribution is okay when the rezoning occurs.
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