The Corporation of the Town of Oakville (town) collects development charges under the authority of the Development Charges Act, 1997 (DCA) and the Town Development Charges By-law. Development charges shall be collected in a financially sustainable manner in order to fund growth related capital costs and deliver complete communities.
The purpose of this policy is to authorize development charge interest to be collected as allowable in the DCA. Interest is to be collected in a fair and equitable manner, with the purpose of limiting financial risk associated with regulated deferral of development charges payments and development charges rate freeze.
This policy applies to development applications that are eligible for the regulated deferral and payment of development charges in instalments, and/or development charges rate freeze as provided in Section 26.1 and Section 26.2 of the DCA.