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HomeMy WebLinkAboutPD-142-87~~''°"~ ^~`~~~ TOWN OF NEWCASTLE ' ti~ ~ ~~.~ ~, ' ' ~ ~ S REPORT .,-_- _~_ ~~ ~_~ Imo: Hydro Liaison Committee ~~~ Friday, May 15, 1987 T #: PD-142-87 FILE #: pLN 19 CT: TOWN OF NEWCASTLE FINANCIAL ANALYSIS AND DEVELOPMENT STRATEGY OUR FILE: PLN 19.1 File # w;~~ ~' ~ / Res. # By-Law # RECOPI~IENDATIONS: It is respectfully recommended to the Hydro Liaison Committee the following: 1. THAT Report PD-142-87 be received; and 2. THAT the Hydro Liaison Committee approve execution of a supplementary Agreement to permit funding of an up-date of the Town's Financial Impact Analysis and * Development Strategy in accordance with the attached Terms of Reference and a budget allocation of Forty Thousand Dollars ($40,000.00) be approved from Hydro Account B. BACKGROUND AND CUMMENI": In 1981, Clayton Research Associates Limited completed a Financial Analysis and Development Strategy for the Town of Newcastle. That study was undertaken in order to assist the Town in defining long term landuse and development financing policies with three (3) primary objectives being, assessment of the financial implications to the Town on various development scenarios to review present lot levy structure in the Town of Newcastle, and to assess the financial implications, to the Town, of the construction and operation of the Darlington Nuclear Power Station. Since that time, there have been a ...2 REPORT NO.: PD-1~2-87 Page 2 number of changes in the level of development activity in the Town, as well as changes in the long range capital needs of the residents of the municipality. Following a recent in-house review of the Town's Financial Strategy, it was determined that new development was having a significant impact upon the municipality and that current development charges were not adequately addressing the long term needs of the Town. Accordingly, an interim levy was established and Staff were directed to prepare Terms of Reference for an update and review of the Town's Financial Analysis and Development Strategy, and submit a request to the Hydro Liaison Committee for approval of supplementary agreements in respect of funding such an update. Accordingly, this Report has been prepared outlining the Terms of Reference for this review. At such time as the necessary agreement has been finalized, Town Staff would proceed with the preparation of a proposal call to invite submissio ns from qualified firms in accordance with Council Resolution #C-380-87. Recommended for presentation to the Committee ~ ` f f wrence ~ otsett iof Ad 'ni~strative Officer TTE*jip *Attach. Nlay 6 , 1987 REVIEW AND UPDATE OF TOWN OF NEWCASTLE FINANCIAL ANALYSIS AND DEVELOPMENT STRATEGY In order to properly evaluate the fiscal impact of development upon the Town of Newcasatle and assess the financial implications, to the Town, of the Darlington Nuclear Power Generating Station, a review and update of the Town's 1981 Financial Analysis and Development Strategy has been authorized. :Proposals for undertaking this review and update have been invited from a number of firms and should be prepared in accordance with the following objectives and Terms of Reference. OR.1 Ff_T T VFS 1) Re-assess the financial implications to the Town of alternative development alternatives 2) Review the present development charge structure of the Town 3) Re-assess the financial implications to the Town of the construction and operation of the Darlington Nuclear Power Generating Station TERMS OF REFERENCE 1) Review and evaluation of Town of Newcastle Financial Analysis, Clayton Research Associates, 1981. PURPOSE - To identify changes in basic assumptions, development scenarios, and development activity which may contribute to fiscal impacts on the Town. 2) Review and evaluation of Town of Newcastle Development Charge policies enacted since 1981. PURPOSE - To critically assess the long term impacts of these levy policies upon the Town. 3) Identify those facilities and services which must be emplaced to respond to ultimate population and current accelerated population growth and particularly, that growth associated with development of the Darlington Generating Station. PURPOSE - To priorize capital expenditures for budget purposes and assess fiscal impacts directly related to Ontario Hydro's operations. 4) Develop a residential development levy structure, by unit type, based upon an identification of costs and revenues created by the various types of residential, industrial, and commercial developments within the Town. This structure should include a program for annual review and update of development charges by the Town. PURPOSE - To establish an appropriate scale of development charges resulting from development within the Town and allow ongoing adjustment. ...2 -2- 5) Prepare a simple computer program using Symphony or other IBM compatible software for modelling various development scenarios and assessing their financial impact on the Town. PURPOSE - To permit Town Staff to critically assess proposed changes in capital requirements or development alternatives.