THE CORPORATION OF THE CITY OF PORT COQUITLAM gh Gj UJ Ni C | |

MEMORANDUM
MAR 23 1982

TO: B. Kirk, March 25, 1982
City Administrator

FROM: F.E. Peters,
City Engineer

SUBJECT: Projected City Costs for Rezoning Application R#35-81

RECOMMENDATION:

That the City enter into an agreement with the owners
of Block 13 & 14, District Lot 288, Group 1, Plan 4667, NWD
along the lines indicated in the attached proposed financing
agreement and that the City's costs from Development Cost Charges
be repaid on the same basis as for the Canfor Development.

BACKGROUND AND COMMENTS:

In accordance with Council's instructions, I have
prepared a preliminary cost of servicing the Starbuck Development
which was before Council for rezoning on March 15, 1982. The
proposal assumes that both lots 13 and 14 will go at the same
time and that the servicing is constructed to the south boundary
of Lot 14. I have had both developers in my office together
and they are prepared to jointly proceed with this project if
Council processes the rezoning bylaw.

The attached Tentative Approval Checklist shows the
costs only of that portion of the work which the City would have
to refund because it is scheduled to come out of’ Development
Cost Charges. This total amount is $216,000 according to our
preliminary estimate. In return these two projects together
generate about $87,000 of Development Cost Charge Funds. I do
not anticipate any problems in financing the City's portion out
of Development Cost Charges according to the following analysis:

a) Sanitary Sewer - The current Development Cost Charge
Reserve is $107,944.00 plus the $21,526.00 to he
added through this development giving $129,470.00.
O£ this total, about $25,000 is committed to repayment
of work done by Canfor leaving ample to repay the
$50,000 estimated cost of the proposed work.