
In preparation for future growth and meeting new provincial requirements, Cobourg council received a report saying updating its official plan and development charges will cost $637,000, an increase of $78,000, at its July 16 special meeting.
In January 2022, the town approved new development charges. Since then, new provincial priorities regarding affordable housing, including the use of development charges, have been introduced.
Watson and Associates Economists Ltd are currently preparing an update. A written and verbal report was given at the meeting, including the potential for mandatory deferral of residential development charges. Questions were also raised about existing development charge reserve funds and external financing costs being factored into the new charges.