Ontario Construction News staff writer
Peel Region has approved a plan to provide extended Development Charges (DC) deferrals and grants-in-lieu of DCs to help support eligible new Long-Term Care Homes (LTC) and Hospice developments in Peel.
Incentives are needed, according to council, because services have struggled to keep up with the population growth and aging community in the region. While the long-term care home waitlist remains long, the pandemic “has further highlighted the need for safe, enhanced and innovative accommodations for Peel senior residents”.
The interim financial incentive pilot program will provide financial support for eligible new not-for-profit long-term care homes and hospice facility developments.
Now more than ever, we must maintain our critical path on project construction for urgently needed long term care and hospice projects in Peel,” Regional Chair Nando Iannicca said in a statement.
“ We are pleased that we can take this adaptive step to support our community and align with Provincial goals of modernizing and transforming health care services with a focus on integrated care.”
Terms of the new program:
Applications for grants will only be available to a not-for-profit organization
- A DC deferral agreement shall be entered between the Region and the landowner with terms and conditions satisfactory to the Chief Financial Officer and Commissioner of Corporate Services
- The deferral interest rate is recommended to be zero per cent as set out in the Region’s existing Development Charge Interest Rate Policy
- An extended DC deferral can be entertained to ensure sufficient funds are accumulated in the Region’s DC Financial Incentive Reserve to provide grant payment
- Only the portion of DC payable that is not funded by Federal or Provincial funding can be eligible
- Maximum grant after Federal and Provincial funding amounts up to 50 per cent of the eligible DC payable (up to 100 per cent for hospice developments as well as for an eligible public not-for-profit organization under hospitals in Peel such as the Trillium Health Partners or the William Osler Health System)
“This policy framework is an interim measure to support our community post-COVID service needs, while prioritizing development projects delivered by publicly funded not-for-profit organizations operating within a hospital in Peel,” said Chief Financial Officer and Commissioner of Corporate Services Gary Kent