Interim latecomer agreement policy (In development)

We are in the process of developing a new latecomer agreement policy. Our interim policy has not yet been approved by City Council and is subject to change. We expect to present the policy to Council on October 19, 2021. Check back regularly for more information.

What is a latecomer agreement?

Latecomer agreements are development finance agreements between municipalities or regional districts and land or property developers.

These development-financing agreements set the terms for developers to recover costs associated with certain infrastructure works by cost-sharing with neighbouring properties that are developed within a maximum period of 15 years.

As part of the development process, we may require that a property developer construct infrastructure (called "excess or extended services") that serves not only their development, but also other lands in the neighbouring area.

For development approvals after March 5, 2020, we are offering property developers that incur excess or extended services costs the option to enter into a latecomer agreement with us, allowing the initial developer to share the costs with neighbouring properties that develop within a defined area (called the "benefitting area") for a period of up to 15 years.

Development approvals prior to March 5, 2020, are not eligible.

Understanding the latecomer agreement policy

Timeline

  • March 5, 2020

    Legislation

    BC Legislature added latecomer options to Vancouver Charter

  • March 5, 2020 - present

    We apply latecomers on a case-by-case basis

  • March 2020 -
    May 2021

    Interim policy development

  • March 2020 - September 2021

    Consultation with development industry

  • We are here
  • October 2021

    Present final latecomer policy to City Council for approval

  • 2022 - ongoing

    Monitor and implement final policy

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