Surrey PLR_7923-0013-00.pdf

Staff Report to Council Application No.: 7923-0013-00 Planning & Development Report Page 5 o the occupancy of the housing units identified in the agreement (including their form of tenure and their availability to the classes of person identified in the agreement); o the administration of the units (including the means by which the units will be made available to intended occupants); and o the rent prices of units that may be charged and the rates at which these can be increased over time. • The proposed Housing Agreement will secure all 444 residential dwelling units as rental for a minimum duration of 60 years. A Restrictive Covenant will be registered on title to require payment of applicable amenity contributions should the units be converted to market units at any time after the Housing Agreement expires (Appendix B). • Through this planning report staff are recommending that Council file the existing Housing Agreement Authorization Bylaw No. 21555 and introduce a new Bylaw to enter into the updated Housing Agreement and that the new Bylaw be given First, Second and Third Reading. • The updated Housing Agreement Bylaw will be brought forward for consideration of final adoption concurrently with final adoption of the associated OCP Amendment and Rezoning Bylaws and the issuance of the Development Permit, once all of the outstanding conditions associated with the application are fulfilled. COMMUNITY AMENITY CONTRIBUTIONS • The entire proposed development will not be subject to the Tier 1 or Tier 2 Capital Plan Project CACs, as the proposal includes commercial uses and market rental residential units. A Restrictive Covenant will be registered making CACs payable if there is a future change in tenure. • The Public Art contribution will be required only for the commercial portion of the site and will be applicable to the residential portion only if there is a future change in tenure from the market rental residential units. CONCLUSION The proposed revisions to the in-stream application, to slightly reduce the scale of the development (from 44 to 42 storeys) and secure all 444 residential dwelling units as rental, meet the intent of providing housing in proximity to Skytrain, add to the City of Surrey’s rental housing stock, and align with the objectives of the City Centre Plan. Staff support the proposed revisions that will allow the applicant to achieve a more viable proposal.

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