BEING A BY-LAW TO PROVIDE FOR THE LEVY AND COLLECTION OF SUMS REQUIRED BY THE COLLINGWOOD BUSINESS IMPROVEMENT AREA FOR THE YEAR 2016
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WHEREAS Section 312 of the Municipal Act, 2001, S.O. 2001,c 25, provides that the Council of a local municipality shall, after the adoption of estimates for the year, pass a by-law to levy a separate tax rate of the assessment in each property class;
AND WHEREAS Sections 307 and 308 of the said Act require taxes to be levied upon the whole of the assessment for real property according to the amounts assessed under the Assessment Act, R.S.O. 1990, c.A.31and that tax rates to be established in the same proportion to tax ratios;
AND WHEREAS Section 205 of the said Act requires that a board of management of a business improvement area shall prepare a budget for each fiscal year and shall hold one or more meetings of its members of the improvement area for discussion of the proposed budget and submit the budget for approval by Council;
AND WHEREAS Section 208 of the said Act requires that the municipality shall raise the amount required for the purposes of the board of management by a special charge by levy upon rateable property in the improvement area that is in a prescribed business property class.
NOW THEREFORE THE COUNCIL OF THE CORPORATION OF THE TOWN OF COLLINGWOOD HEREBY ENACTS AS FOLLOWS
THAT the sum of $442,000 shall be levied on non-residential properties located within the boundaries of the Town of Collingwood’s Downtown Collingwood Business Improvement Area for the year 2016.
THAT such amount be provided for by a tax rate of 0.369863% on the business property class assessment.
THAT this By-law shall come into full force and effect on the date of final passage hereof at which time all By-laws and/or resolutions that are inconsistent with the provisions of this By-law and the same are hereby repealed or rescinded insofar as it is necessary to give effect to the provisions of this By-law.
ENACTED AND PASSED this 25th day of April 2016.