Regina council makes billion-dollar decision on who pays for growth
The plan will see developers pay as much as $451K per hectare by 2018
Regina City Council laid what some see as the building blocks for the next 25 years of development in the city on Monday night.
Council passed a servicing agreement fee and a development levy. Developers will foot the bill for infrastructure in any newly developed areas, which includes roads, water, and sewage.
The fee and levy structure will be phased in over the next three years. It adds up to $1.4 billion over the next quarter century.
Mayor Michael Fougere called it a "landmark decision."
"It's incredibly important. [We're] talking about the building blocks of our city, how we're going to finance the growth of our city over 25 years, who pays for it," Fougere said. "The concept of development paying for development is a key element of this."
Fougere also feels council has the correct rates in place.
"They're reasonable. They're fair. They're predictable and they're phased in over three years to make sure they are affordable."
The plan will see developers paying as much as $451,000 per hectare by 2018.
They will foot the bill for infrastructure in any newly-developed areas, including roads, water and sewage.