Construction costs in Penticton will be going up by 25 per cent.
Penticton city council unanimously approved an interim increase of 25 per cent to all of the city’s development cost charges during their March 2 meeting.
A revision of the current 2007 development cost charge bylaw is currently underway, with the March 2 increase to take effect until the new bylaw is finished and approved.
The 25 per cent increase, which affects all building permits and newly created subdivisions for single or two-family residential lots, was approved by the province’s Inspector of Municipalities before it was brought to council for a vote.
READ MORE: City of Penticton plans to up development cost charges by 40 per cent
Development cost charges fund road, water, sewer, and storm water services in Penticton.
The full revision of the bylaw is expected later this year, with members of the development community invited into the process starting in April.
The new bylaw would include new rates for all development cost charges, and a list of eligible water, sewer, storm water, transportation and park projects the fees would fund.
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