Toronto Condos Density Compensations
Toronto Condos need a review of density requests under section 37.
Recently there was a problem with the Mayor raising $3000 for a youth charity football club and this resulted in legal and court cost to all concerned.
Now a new question arises with Section 37 that deals in zoning compromises that can result in millions of dollars when Toronto Condo developers pay the city for extra floors and density in their new projects.
Under section 37 public art is 1% of the gross construction costs that results in questionable benefits to the Toronto Wards and communities.
Questions about Toronto Condos density compensations do arise like:
- Who sets the amounts for these agreements?
- Are conflicts of interest being declared in this process?
- Who buys the art or hires the artist?
- Is their scrutiny in the process?
- Who owns the art on display?
- Who and how much to maintain this art?
With over $300 million changing hand from Condo developers to the city a new process need to implemented as soon as possible.
Iris Li, is a Toronto Remax Condos Realtor who specializes in Toronto downtown Condos, Condominiums and Lofts.
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