Cobourg Council – Cobourg Asked to Defer Costs for Affordable Housing Project
By Cecilia Nasmith/Today’s Northumberland
Cobourg council this week received a request to defer development and permit charges for 82 Munroe St., the second phase of a two-building development at the site that 82 Munroe Inc. President Josef Ger said would feature 17 units at 20% below market-rental rate.
In order to reduce the construction cost of this building further and keep the project economically viable, Ger said, they are requesting the town’s help by deferring $362,065 in development charges, $60,089.95 in permit fees and $14,079 in Lakefront Utility Services Inc. development charges.
“The owners of 82 Munroe Inc. will be able to refinance the project in five years, subsequent to its occupancy, and will repay the town all the deferred charges at that time,” Ger concluded.
Deputy Mayor Suzanne Seguin made the motion to refer the letter to staff for a report.
Author: Pete Fisher
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