At their Regular Council meeting on July 15th, Council approved the inclusion of On-Demand Surety Bonds as an accepted form of security deposit and gave first, second and third readings to the Development and Subdivision Control Bylaw to incorporate these proposed changes. 

The report outlines the benefits of On-Demand Surety Bonds: 

• Flexibility: Provides developers with an alternative to more traditional methods, potentially easing financial strains. 
• Cost-Efficiency: Often less expensive than maintaining a Cash deposit or LOC, which can free up capital for developers.
• Immediate Access: Ensures the City has immediate access to funds without the bank delays typically associated with cash or LC claims. 

At a Special Meeting of Council on July 17th, Council adopted the proposed changes to the Development and Subdivision Control Bylaw to include On-Demand Surety Bonds as an accepted form of security deposit. 

Developers will now have the option to select from the following security deposit choices: Cash, Letter of Credit (LOC), and On-Demand Surety Bonds. 

Additional information can be found in the full report by City staff.