Economy By
Mike Hodges
CJOY
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Guelph City Hall.
Global News ‘ Matt Carty
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After being held accountable for growth costs on a student housing project, a programmer has to pony up some money. At a government reading earlier in May, Forum Asset Management claimed the project was excluded from the taxes because it is located on university-owned land and is only intended for student housing. The city reportedly imposed a$ 15.5 million taxes on the project at 601 Scottsdale Dr. Staff convened as a judge to examine the issue during the reading, citing the fact that the purpose-built rental products intended for pupils were not free from the charges. According to a statement from the city, the project is already available for a$ 2.6 million discount on the cost of the purpose-built rental units under the Development Charges Act. Developing Then
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If the programmer rents the properties for 25 years at or below the municipal government’s cheap rental threshold in Guelph, it will be completely exempt from the development fees. The Ontario Land Tribunal has until July 8 to file an appeal with Forum Asset Management.
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