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THE CORPORATION OF THE
CITY OF PORT COQUITLAM

TO BR. Kirk DATE: September 24, 1992
City Administrator

FROM: IR. Zahynacz, P. Eng.
' City Engineer

SUBJECT: AGREEMENT FOR PRE-PAYMENT OF DEVELOPMENT COST
CHARGES - GATENSBURY ESTATES LTD. AND THE CITY OF PORT
COQUITLAM
(Public Works Committee Meeting of September 15, 1992)

That His Worship the Mayor and the City Clerk be authorized to execute the attached agreement
between Gatensbury Estates Ltd. and the Corporation of the City of Port Coquitlam for
pre-payment of Development Cost Charges for the 47-lot subdivision immediately east of 2600
block Coast Meridian Road in the Riverwood Area.

The City is presently revising the Development Cost Charge Bylaws for roads, water, <anitary,
sewer, and drainage for the Riverwood Area. Gatensbury Estates Ltd. wishes to proceed with
subdivision at this time and are therefore willing to agree to enter into the attached agreement
whereby they will pay the estimated new Development Cost Charges to the City and the City
will hold these funds in trust until final adoption of the new Development Cost Charges.

Attached is the agreement for pre-payment of Development Cost Charges as recommended at
the September 15, 1992 Public Works Committee Meeting. The form of this agreement is
acceptable to Gatensbury Estates Ltd.

This agreement is essentially the same as the agreement used for the Fremont Holdings
Subdivision which is also in the Riverwood Area. The only difference is the inclusion of
Section 6, which provides for a refund or payment of the difference if the Development Cost
Charges established are greater or lesser than the amount contributed.