Title
Council Policy C-PD01: Development Agreement Security Requirements
Recommendation
The Committee recommend to Council that proposed Policy C-PD01 be adopted, replacing current Policy PD 001 dated March 13, 2007.
Body
Purpose
Planning & Development Services brings forward existing Council Policy PD01 for review in accordance with the County's Policy Review Schedule.
Summary
The Committee previously tabled proposed Policy C-PD01 at the March 6, 2012 meeting.
Security, typically Letters of Credit, are a necessary part of Parkland County's Development Agreement procedures as they are used to secure the developer's obligations outlined in these Agreements. The County is authorized to require securities by its authority under Section 655 of the Municipal Government Act. The Letter of Credit amount is meant to guarantee that all applicable Municipal Standards and procedures are achieved prior to the release of the securities. The current policy for determining the Letter of Credit amounts was last reviewed by Council in 2007. Administration brings forward an updated policy for consideration as discussed in detail within the attached Staff Report, including a survey of comparable municipaliaties. A new Administrative Procedure has also been developed regarding handling Letters of Credit, as recommended by the County's auditors, and is attached for Council's information.
Alternate Options
1. GPC could amend the policy/purpose statement or standards within the proposed policy; or
2. GPC could request additional information and table a decision on this matter to a future meeting.
Policy Implications
The proposed policy is consistent with the Municipal Government Act and has been formatted in accordance with Policy Development Policy C-AD01.