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CACs are a voluntary financial contribution made by an applicant to a municipality at the time of rezoning of a property to assist with offsetting the burden of the development on the community. CAC programs typically apply only to new residential density created as part of development. CAC revenue is then used to help fund new amenities in the community. Many Metro Vancouver municipalities have CAC programs, each of which varies in terms of some of the details of how it is applied.
Coquitlam’s CAC applies up to a maximum floor area (FAR) of 2.5 times the lot area. For higher density developments above an FAR of 2.5, which would typically be high-rise buildings, the City has an optional Density Bonus Program that developers can use that also includes a financial contribution to the City.
The CAC program applies to all new residential development in Coquitlam up to a maximum FAR of 2.5 that requires rezoning approval, including:
The CACs are payable by the party that applies for rezoning prior to Council consideration of final approval of the zoning bylaw amendment.
The City-wide CAC program start date is October 1, 2016. Any applicant that has a residential rezoning application in process with the City at the program start date would be exempt from paying the CACs if the rezoning is completed within one year (October 1, 2017). This exemption does not apply to multifamily developments that are already subject to the existing Burquitlam-Lougheed CAC program.
The CAC program applies to all new residential floorspace when there is a rezoning involved. It does not apply to commercial, industrial or institutional development. It also does not apply, for example, to a new home replacing an existing home on a lot if there is no rezoning, even if the new home is much larger than the existing home or to an addition is being made to an existing home.
Coquitlam is one of the fastest growing municipalities in Metro Vancouver and this is creating strong demand for new public amenities. The CAC revenue collected by the City would be used to help fund major capital projects identified in the Parks, Recreation and Culture Master Plan. The capital cost of these major projects is estimated on a preliminary basis to be in the range of $300 - $350 million over the next 30 years. CACs will cover approximately one-third of the estimated cost of the major new parks, recreation and culture facilities that the City anticipates will be required over the next 30 years. The City will still need other funding sources to help complete all of the facilities.
The CAC rates are:
A credit would be applied for any existing residential floorspace on a lot that is being redeveloped.
It is estimated that the City could receive approximately $100 million from the CAC program for the 30-year period of 2017 to 2046. The $100 million is approximately one-third of the estimated cost of the major new parks, recreation and culture facilities that the City anticipates will be required over the next 30 years.