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Question about Development Charges

sebajun

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I had a quick question about development charges. I am not seeking legal advice, but just wondering what other people's experiences were. I have been reading around about the City of Toronto more than doubling their development charges. I understand, however, that development charges are charged to the builder when the building permit is issued (it was issued a while ago). The language in my agreement that they inserted to cap development charges was the following:

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I have been reading a bit more about soft/hard caps, but this still reads to me that my development charges will be capped at a total of $12,000 (townhouse unit), I was just wondering if anyone had any insight into whether my interpretation is correct. I understand this is standard language (given contracts that I have seen online from years ago), so thought some people might have some experience and can relay that experience to me.

Thanks!
 

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