Committee Approves 5-year, 1% Levy for “Special Economic Development”

By 98.1 Free FM | October 5, 2011 at 5:33 am | | Tags: Committee on the Whole, economic development, tax

Londoners might be on the hook for an average of 30-dollars a year on property tax bills, to fund a “special economic development levy”. 

Councillors on the Committee of the Whole approved the 5-year, 1% charge to raise $70 million dollars for a new vision for downtown and other expenses.

The plan calls for borrowing another $30 million  for a total of $100 million, to be spent on so-called mega-projects, including downtown renewal and highway 401 development.

The levy still needs full council approval.