In order to remove barriers for business owners and provide developers with financial flexibility, the City of Edmonton is now accepting development bonds for select existing servicing agreements.
The City began accepting development bonds in lieu of a letter of credit or cash security for new service agreements in April of this year. Now, with Development Bonds 2.0, the City has extended the development bonds program to include existing service agreements.
Starting July 2, 2020, Developers who meet the following criteria will be eligible to replace existing security with development bonds:
· Existing security of $1 million dollars or more
· Current servicing agreements executed after January 1, 2014
The City will contact eligible developers while developing the next phase of the program, which will scale roll out to the remaining 500+ agreements. An initial fee of $500 per project will be required for this service; however, the fee amount will be reviewed as the program progresses and may be adjusted to reflect the service cost.
As stewards of the public interest, the City will complete this work as quickly and as efficiently as responsibly possible.
If you have any questions, please contact the development engineer for your file directly or email email@example.com.