HomeMy Public PortalAboutInfrastructure Developmenet Fund Policy P-110_Effective 2022-07-14Municipality of the District of Chester
Infrastructure
Development Fund
Policy
Policy #110
Effective July 14, 2022
Infrastructure Development Fund Policy (continued) 2
MUNICIPALITY OF THE DISTRICT OF CHESTER
POLICY #110
1. INFRASTRUCTURE DEVELOPMENT FUND POLICY PURPOSE
1.1. This purpose of this policy is to establish Council's intention to support the growth and
development of healthy, efficient, and sustainable communities through the creation of an
Infrastructure Development Fund.
1.2. The objectives of the Infrastructure Development Fund Policy are to:
a. Establish the guiding principles, primary objectives, key management and
administrative responsibilities, and standards of care for an Infrastructure
Development Fund;
b. Establish Council's commitment to support residential and commercial development
through the creation and expansion of capital infrastructure including wastewater
collection and treatment systems, water supply, treatment, and distribution systems,
and other core municipal infrastructure.
2. GUIDING PRINCIPLES
2.1. Municipal Council recognizes that it has a role to play in leading and partnering in the creation
of residential and commercial development.
2.2. With respect to residential development Council recognizes it has a role not only ensuring
land use planning supports housing but that infrastructure investments supports the
development of a range of housing options including affordable and attainable (low -end of
market) housing.
2.3. Municipal infrastructure encourages compact development, expands commercial and
residential growth opportunities, and can address the growing climate crisis, resulting in
significant environmental benefits and socioeconomic returns.
2.4. The Infrastructure Development Fund will assist in meeting the funding requirements of
matching programs developed by senior levels of government for the grown and
development of capital infrastructure.
3. CONTRIBUTIONS TO INFRASTRUCTURE DEVELOPMENT FUND
3.1. Fifty (50) percent of the funds generated through the collection of the Deed Transfer Tax
shall be designated to an Infrastructure Development Fund to be held in an Infrastructure
Development Fund reserve.
3.2. Council may, by motion, designate a different amount to the fund each year, which may be
from a different source of funds, but in no case shall they contribute less than 25% of the
Deed Transfer revenues in a fiscal year.
Notice of Intention to Adopt: Council — March 31, 2022 (2022-112/121)
First Notice: Council —June 30, 2022 (2022-289)
Second Notice: Council —July 14, 2022 (2022-307)
Effective Date: July 14, 2022
Infrastructure Development Fund Policy (continued) 3
4. INFRASTRUCTURE DEVELOPMENT FUND MANAGEMENT
4.1. The Infrastructure Development Fund reserve will be invested in accordance with a Council
approved Investment Policy.
4.2. The Infrastructure Development reserve shall be used to fund the costs of expansion and
growth of new or existing municipally owned infrastructure that supports both commercial
and residential development.
Notice of Intention to Adopt: Council — March 31, 2022 (2022-112/121)
First Notice: Council —June 30, 2022 (2022-289)
Second Notice: Council —July 14, 2022 (2022-307)
Effective Date: July 14, 2022
Infrastructure Development Fund Policy (continued) 4
RECORD OF ADOPTION/AMENDMENTS
Effective Date
Reason for Adoption/Amendment
July 14, 2022
Adoption of Policy P-110 to establish Council's intention to support the
growth and development of healthy, efficient, and sustainable
communities through the creation of an Infrastructure Development Fund.
Notice of Intention to Adopt: Council — March 31, 2022 (2022-112/121)
First Notice: Council —June 30, 2022 (2022-289)
Second Notice: Council —July 14, 2022 (2022-307)
Effective Date: July 14, 2022
Infrastructure Development Fund Policy (continued) 5
Notation for Official Policy Book
Notice of Intention to Adopt
March 31, 2022
2022-112/121
Date of First Notice at Council
June 30, 2022
2022-289
Date of Second Notice at Council
July 14, 2022
2022-307
Effective Date
July 14, 2022
1 certify that this Policy was adopted by Council as indicated above.
July 15, 2022
Pamela M. Myra, M icipal Clerk Date
Notice of Intention to Adopt: Council — March 31, 2022 (2022-112/121)
First Notice: Council —June 30, 2022 (2022-289)
Second Notice: Council —July 14, 2022 (2022-307)
Effective Date: July 14, 2022