Brampton - Brampton City Council today approved a tax levy as a funding option for the City’s contribution pledged to Peel Memorial Centre for Integrated Health and Wellness. As a result, a dedicated tax levy of 3.3% will begin this year and end in 2018. The first year impact on the average residential property assessed at $347,000 will be $52. The intent of this option is to raise the entire $60 million contribution in advance of the expected due dates for payment.
In each future year, the dedicated levy will be reduced, factoring in assessment growth from new properties and accrued interest. The City will hold these funds in reserve until payments are required, that is, $40 million in 2016 and $20 million in 2018 or on substantial completion of each phase of construction.
Earlier in February and March, Council requested input from the public on this important issue through a Town Hall meeting, a dedicated telephone line, the City’s website, and direct contact with the Mayor and Councillors. Two-thirds of the responses received favoured the option labeled “Tax and Save” over those options that used debt financing to defer taxation.
While health care funding is a provincial government responsibility,
Brampton Council was asked by the William Osler Health System to commit funding in order to ensure that the development of this new health facility was given priority by the Province. Recognizing how important this health care centre will be to our community, Council committed $60 million to help finance this project. This is 50% of the local contribution required by the Province. The balance will be raised by the William Osler Health System through a variety of means.
For information on the new Peel Memorial Centre for Integrated Health and Wellness, please visit www.williamoslerhc.on.ca
. Details on the tax levy are available at the City’s website.