WHEREAS, Builders and Developers are the lifeblood of the City of Brantford in job creation and significant property tax revenues, and
WHEREAS, Builders and Developers are required to provide the City with securities to ensure new construction comply with all building standards, and
WHEREAS, Developments can vary in size and scope for Residential, Commercial and Industrial projects, and
WHEREAS, securities deposited with the City correspond to the size of the development from thousands to millions of dollars, and
WHEREAS, Builders and Developers pay interest to the lender as well as guaranteeing the security with a corresponding amount with their bank, and
WHEREAS, the current process with the City is to hold the full amount of the security until all aspects of the project are completed to the satisfaction of the building inspector, and
WHEREAS, the project completion sign off may occur long after the building is completed, and
WHEREAS, a new process is required to provide our valued business partners with a fairer system to return their securities at set stages of project completion, and
WHEREAS, another option may be to set an upper limit on the security amount:
NOW THEREFORE BE IT RESOLVED THAT Staff BE DIRECTED to report back to the Building Construction Process Review Task Force with recommendations and answers on the following:
- How does the City compare with other municipalities with regard to security deposits? Specifically, Brant County
- How can the City refund partial payments at completion of key stages of the project?
- What are the key stages of a project?
- What is the feasibility of setting a dollar cap on securities rather than the full amount of the project?
- What barriers, if any, exist that prevent timely building inspections?
- What is the average time it takes to return securities after a project has been approved by the building inspector?
- That the Task Force chair invites comments from a sample of local Builders and developers for their input.