Agenda Item Executive SummarY
ITEM TITLE
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2024 Glen Lennox Annual Compliance Report
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RESPONSIBLE STAFF, TITLE, DEPARTMENT
Anya Grahn-Federmack, Principal Planner, Planning Department
STAFF RECOMMENDATION
That the Council receive the report.
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PROCEDURAL CONTEXT
The Glen Lennox Development Agreement (DA) requires that the Developer Owners submit a yearly written report detailing all previously issued DA Compliance Permits (DACP)< installed infrastructure, financing of public infrastructure, dedications and acquisitions of infrastructure, and the anticipated development schedule for the property in the upcoming year.
BACKGROUND AND CONTEXT
The report provides updates on Glen Lennox’s activity since the previous report provided on September 29, 2023:
• No new DACPs were issued, but the Link Apartments Calyx building and its parking garage are now complete.
• Infrastructure updates: Private Streets A and B, Maxwell Road, Lanark Road extension, and storm drainage systems were all finished as part of the Link Calyx project.
• Upcoming projects: Construction of Link Apartments Calyx II and its associated infrastructure is slated to start in 2025 and wrap up in 2027.
• Renter vesting: 7.6%, or 57 renters, are now vested in their monthly rents. Long-term residents (5+ years) see rent increases tied to the Consumer Price Index.
• Traffic impact: The development under the DA generates 5,492 daily external vehicle trips (EVT), well within the DA's maximum allowance of 17,557.
• Parking adjustment: Staff approved a minor modification to the DA, reducing the residential parking ratio at Calyx I and II.
FINANCIAL IMPACT
The completion of projects will continue to increase property tax and sales revenue from the Glen Lennox Development.
Attachments
• Glen Lennox Development Agreement, 2023-2024 Annual Report
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