Title
Policy C-458 Development Agreement Security
Proposed Motion
That Policy C-458 Development Agreement Security be approved, as presented.
Body
Administration Recommendation
Administration supports the proposed motion.
Purpose
Administration has drafted a new Council Policy C-458 Development Agreement Security to replace the previous and outdated Council Policy C-PD01.
Summary
The intent of Policy C-458 is to outline a framework for developers to provide security to the County for construction of municipal infrastructure. This ensures developers meet all commitments and obligations to construct municipal infrastructure and allows the County to draw on security if needed. The policy proposes a risk-based security approach that considers developer performance and sets consistent rules for administering securities. The policy will support improved processing timelines and strengthen financial protection for the County. Policy C-458 provides clarity and consistency to the development agreement program, streamlines administrative processes, and supports the protection of the County’s financial and infrastructure interests.
Historical Information:
At the May 26, 2026 Council meeting, feedback was received to include additional provisions in the policy. Administration has revised the policy to include a more robust framework and found that the associated Administrative procedure was no longer required. Details from the procedure are now captured in the policy. The policy includes types of allowable security, categorization of developers and security percentage requirements, which provides clear direction to developers and Administration. The policy framework aligns with the goal of the development agreement program which is to apply a standardized, risk-based model for administering securities, while supporting timely development and strengthening financial protection for the County.
Strategic Plan/Policy/Legal/Staff Implications:
The Council Policy C-458 aligns with the Parkland County Strategic Plan 2022-2025 and supports the pillars of Complete Communities, Strategic Economic Diversification and Responsible Leadership.
Financial Impact:
n/a
Other: