THE CORPORATION OF THE CITY OF PORT COQUITLAM C

MEMO ne
JUN 2 1 1982
TO: B. Kirk, June 16, 1982.
City, Administrator. :

FROM: J. Maitland,
City Treasurer.

SUBJECT: ‘Local Improvement Rates.

RECOMMENDATION :

That the rates in the local improvement by~law be revised
to the attached and that there no longer be 'Advanced' rates in the by-law.

BACKGROUND & COMMENTS:

The local improvement rates were last revised in 1976, the
proposed rates would reflect a 1/3 property owner, 2/3 City sharing of
local improvement costs. A recent cost sharing history is as follows:

Project City Share of Costs
4

Hamilton - 47,504 74.1
Essex 71,445 “81.9
Newberry 34,844 66.3
Langan 83.356 76.8
Westminster 157,297 88.8

In a typical local improvement the property owner pays:

Old New
Rates Rates
Road $ 5.00 ‘$ 8.00

Curb 2.75 2.15
Storm 6.00 8.55

$13.75 $18.80 per front foot
Including financing costs the property owners’ cost per
year, on a sixty foot lot would be: .

Old rates $137.40 .
New rates 187.80 per year at current 10.5% interest

New rates 225.00 per year at 15% interest.
Please note the suggested financed rates include interest at
10.5%, also included for reference only are costs at 15%. 7
It is suggested that the 'advanced' rates be deleted from the
by-law as they have never been used.