That Proposed Bylaw 39D2024 be amended, as follows:
In Section 8 Density Bonus, delete subsections (2) and (3) and replace with the following:
“(2) The maximum floor area ratio may be increased from 2.8 to 5.0 in accordance with the following:
(a) the provision of an urban design improvement in accordance with the applicable local area plan, where the allowable bonus floor area in square metres is equal to the cost of construction of the improvement divided by the cash contribution rate, such that:
allowable bonus floor area = total construction cost of the improvement/cash contribution rate.
Total construction cost will not include any construction costs necessary to fulfill the infrastructure requirements of a development permit for a development of equal to or less than a floor area ratio of 2.8. Details of the construction cost will be determined through the development permit process.
(3) Where the maximum floor area ratio has been increased to 5.0 in accordance with subsection (2), the maximum floor area ratio may be further increased from 5.0 to 9.0 in accordance with the following:
(a) an urban design improvement in accordance with the applicable local area plan, where the allowable bonus floor area in square metres is equal to the cost of construction of the improvement divided by the incentive rate, such that:
allowable bonus floor area = total construction cost of the improvement/incentive rate.
Total construction cost will not include any construction costs necessary to fulfill the infrastructure requirements of a development permit for a development of equal to or less than a floor area ratio of 2.8. Details of the construction cost will be determined through the development permit process.”