Latest news with #ForumAssetManagement
CTV News
5 days ago
- Business
- CTV News
City of Guelph rules developer working on student housing project must pay charges
A building at 601 Scottsdale Drive in Guelph, Ont. was photographed on May 8, 2025. (Jeff Pickel/CTV News) Guelph City Council is standing firm on their decision that a developer working on a student housing project in the city must pay development charges. Forum Asset Management is on phase two of the project at 601 Scottdale Drive in Guelph. During phase one, the former Holiday Inn hotel was converted into 177 units for student housing. The land is owned by the University of Guelph and the lease stipulates that the rooms are for university students, but the buildings will not be owned or operated by the school. According to both the City of Guelph and the developer, no development charges were levied during the first phase of the project. The city, however, took a different approach for phase two. They decided the developer would be on the hook for $15 million in development charges going forward. Earlier this month, the developer said that would make the project 'economically unviable' without raising costs for students and delay the start of construction. In a news release on Friday, the city doubled down on its decision. They said council found the developer was responsible for those development charges. The release comes after council reviewed a complaint by Forum Asset Management. They ultimately dismissed the complaint and decided the rental units were not exempt from development charges. An official Notice of Decision was sent to Forum on Thursday. 'Forum Asset Management can still get a full exemption from development charges if they rent the units at, or below, the province's affordable rental threshold for Guelph for 25 years,' the release from the city stated. The developer now has until July 8 to file an appeal with the Ontario Land Tribunal. CTV News reached out to Forum for comment but they have not yet responded to the request.
Global News
30-05-2025
- Business
- Global News
U of G student housing developer must pay development tax, city council says
A developer has to pony up some dough after Guelph found them responsible for development charges on a student housing project. The city reportedly put a $15.5 million tax levy on the project on 601 Scottsdale Dr., prompting Forum Asset Management to pause the second development phase Forum presented a complaint at a council hearing earlier in May, arguing the project was exempt from the charges because it is on university-owned lands and only intended for student housing. Get daily National news Get the day's top news, political, economic, and current affairs headlines, delivered to your inbox once a day. Sign up for daily National newsletter Sign Up By providing your email address, you have read and agree to Global News' Terms and Conditions and Privacy Policy During the hearing, staff convened as a tribunal to review the complaint and dismissed it, citing that the purpose-built rental units intended for students were not exempt from the charges. In a statement, the city says the project is already eligible for a $2.6 million discount on the fee for the purpose-built rental units under the Development Charges Act. Story continues below advertisement If the developer rents the units at or below the provincial government's affordable rental threshold for Guelph for 25 years, it would receive full exemption from the development charges. Forum Asset Management has until July 8 to file an appeal with the Ontario Land Tribunal.
