Sidney embarks on an unprecedented housing agreement with a for-profit proponent in a bid to bring rental housing to the community.
Approving third reading of the agreement between the town and the developer of 2180 Beacon Ave. West is the final piece of the puzzle for a proposed five-storey building near Beacon Avenue and Highway 17.
The agreement – unanimously supported during the Sept. 23 council meeting – stipulates the development remain rental apartments for a minimum of 30 years, with 20 per cent of the units serving as below-market rentals for a minimum of 20 years.
Originally Sidney hoped the Capital Regional District would take on management of the agreement, but the CRD backed out. In response to a question from Coun. Scott Garnett, staff noted the CRD typically manages agreements with rents based on income limits set by BC Housing. The Sidney agreement instead bases below-market units on a rental rate set at 80 per cent of the annual market rent for that type of unit, offered to eligible tenants based on their gross household income.
According to staff the only other agreement with a developer on record is with a society for the 2016 development at 9830 Fourth St.
If below market units remain vacant for 90 days, the owner can rent it at market rent.
Couns. Terri O’Keeffe and Steve Duck voiced some concern over the language stating the owner shall use “best efforts” to market and rent the below market units to eligible tenants. In terms of enforcement, staff noted, the agreement is placed on title as a covenant.
The 140-unit building on the airport side of the highway will include a mix of one-, two- and three-bedroom apartments, some adaptable for accessibility. It will include underground parking.
The site lies in an area identified in the official community plan with potential for higher density multi-family housing. Among other stipulations, short term rentals are not allowed under the agreement and below market units must be used as a permanent residence by the eligible tenant.
