As mentioned in previous updates, at their meeting on November 25th, Council adopted the proposed amendments to the Latecomer Interest Rate Bylaw. 

Additional information can be found in the full report by City staff and Latecomer Interest Rate Bylaw. 

November 19, 2024

At their meeting on November 4th, Council gave first, second and third reading to the proposed amendment to the Latecomer Interest Rate Bylaw. This bylaw amendment is a housekeeping item to keep the interest rate current with market conditions. Staff process has been to adjust the latecomer interest rate to align with the Municipal Finance Authority (MFA) 15-year long-term lending rate, which is currently set at 4.47% (4.99% 2023, 4.58% 2022). Staff use the 15-year rate because it is consistent with the maximum term of these latecomer agreements. This ensures that both the municipality and developers are treated fairly in terms of financial recovery and that the cost-sharing remains equitable across all parties involved. 

Additional information can be found in the  full report by City staff and  Latecomer Interest Rate Bylaw.