A growing city requires investment in growth related infrastructure to service new development. Development charges are fees that are paid by new development upon the issuance of a building permit to fund the capital cost of services constructed throughout the city. Development charges play an important part in how growth infrastructure is financed in London. Each new house, commercial centre, university building, and manufacturing plant requires infrastructure and services in order to function efficiently and effectively.
At least every five years, the City conducts a development charges background study to forecast the city’s future residential and non-residential growth to determine infrastructure needs and costs. This information is used to calculate the amount of money that new development needs to pay in order to cover new infrastructure and services.
To learn more watch the world of development charges video:
For more information please contact us.