Developers building new complexes in downtown Port Coquitlam — and wanting to trade required parking stalls for money — will have to shell out a lot more bucks.
Last week, council gave three readings to change its Parking and Development Management Amendment Bylaw to bump the cash-in-lieu fee from $15,000 to $40,000.
Fourth and final bylaw reading is expected at the June 25 council meeting.
Laura Lee Richard, PoCo’s director of planning and development, said the levy hasn’t been changed in 11 years and she’s “confident” the proposed amount reflects the current rate to replace a parking stall in a new residential development in the Lower Mainland.
In Coquitlam, the fee is $20,000; Port Moody doesn’t have a cash-in-lieu policy.
Richard said the new fee won’t apply to planning applications already under consideration.
The extra revenue generated by the city will go into the parking reserve for future parking projects in the downtown core.
