The City of North Vancouver may change the rules for calculating how developers may accrue density bonuses for new developments.
Staff have prepared a draft report that recommends following a standardized method for calculating density bonuses, including a formula that would apply in most cases. It also recommends capping bonuses at a set level for each land use category and establishing market values for density bonuses based on land use and reviewed annually.
City council would be able to take unique circumstances into account up to the density bonus cap, after which further increases would require an amendment to the official community plan.
Gary Penway, director of community development told council Monday that it would still have the option to negotiate alternatives. For example, instead of a cash payment to the civic fund, a public hearing process could be held for a specific amenity.
The report recommends distinguishing between density bonuses that are below and above the official community plan’s base density. Bonuses up to the base density, which are often awarded for energy efficiency or public art, usually have a nominal effect on market value, making it difficult to charge a community contribution. However, bonuses past the base density up to the cap would be charged at an approximate market value written into the policy document.
Red more: http://www.nsnews.com/news/city-planning-new-density-bonus-rules-1.658349#sthash.LPl3AIwj.dpuf
