The City of Surrey Latecomer Agreement: What it is and Why it Matters
If you`re a Surrey resident or business owner, you may have heard the term “latecomer agreement” being thrown around lately. But what exactly does it mean, and why should you care about it? In this article, we`ll break down the City of Surrey latecomer agreement and its significance.
What is a Latecomer Agreement?
A latecomer agreement, also known as a “development cost charge (DCC) reimbursement agreement,” is a legal agreement between a municipality and a developer. In Surrey, these agreements are typically signed when a developer builds infrastructure that benefits surrounding properties, such as roads, water mains, or sewer lines. The agreement states that the developer will be reimbursed for a portion of their infrastructure costs by the City, and in turn, the developer agrees to collect fees from future property owners who benefit from the infrastructure. These fees, also known as DCCs, are collected by the City and used to fund future infrastructure projects.
Why are Latecomer Agreements Important?
Latecomer agreements provide a way for developers to recover some of the costs associated with building infrastructure, reducing the financial burden on them and potentially making development projects more attractive. They also ensure that property owners who benefit from the infrastructure contribute to the costs of its construction and maintenance, rather than burdening taxpayers with the full cost.
Latecomer agreements can also be an important tool for municipalities in managing growth and development. By incentivizing developers to build infrastructure that benefits the community as a whole, the City can ensure that new development does not strain existing infrastructure or services. Additionally, by providing a predictable and transparent process for collecting DCCs, the City can plan for and fund future infrastructure projects more effectively.
The City of Surrey Latecomer Agreement
The City of Surrey currently has a latecomer agreement policy that applies to new development in specific areas of the City, such as the Fraser Highway corridor and South Surrey. The policy sets out the criteria for when a latecomer agreement will be required, and how the fees will be calculated and collected. The City has indicated that latecomer agreements will be considered on a case-by-case basis, with priority given to projects that provide significant community benefits.
In Conclusion
The City of Surrey latecomer agreement is an important tool for managing growth and development in the City. By incentivizing developers to build infrastructure that benefits the community as a whole, and providing a predictable and transparent process for collecting DCCs, the City can ensure that new development does not strain existing infrastructure or services. While the policy is still relatively new, it has the potential to shape future development in Surrey in a positive way.
