The 27 per cent increase in off-site levies is the cost future residents and businesses will have to be willing to pay to make Cochrane their home.

Council took no time to finalized the bylaw that will give the town more money build infrastructure to help support our massive growth in population.

Mayor Jeff Genung told council it's an important increase in the levy and while it means these costs will be added to future homes and commercial developments, it's necessary.

"We need to make sure those who want to move here help us deal with the cost of growth and the new infrastructure we desperately need."

With over $200 million in capital projects anticipated over the next 20-plus years that are directly related to pressures caused by growth, about $140 million will be paid through off-site levies that are applied for development in the community.

The levies will range from $220,960 per hectare to $254,477 per hectare.

Developers were heavily engaged in establishing the increase and to help them adjust to the substantial increase a concession was made. Forty per cent of the levy will be required prior to endorsement of subdivision and development permits and the balance would be required one year later.

Developers had asked for it to be extended to a three-year period but the town was concerned about the impact it would have on cash flow, especially with the major projects now underway. It was also concerned it would further expose the town to financial risk.

Prior to the increase, 50 per cent was collected in advance and the balance was due one year later.

A comparison to neighbouring municipalities revealed Cochrane's off-site levies would remain relatively competitive.

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