Title
Council Policy C-PD01: Development Agreement Security Requirements
Proposed Motion
Council approve proposed Policy C-PD01 and repeal existing 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
Proposed replacement policy C-PD01 was tabled at the May 1, 2012 Governance and Priorities Committee Meeting. A workshop with Council, Staff and the County solictor was completed on May 29, 2012. The revised proposed policy was to be presented to Council for consideration.
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. Council could amend the policy/purpose statement or standards within the proposed policy; or
2. Council 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.