Tribunal accepts COVID-19 discount in land valuation, ordering City to refund over $4.7 million.
The applicants sought a determination of the value of their lands under s. 42(10) of the Planning Act to calculate the correct cash-in-lieu of parkland payment.
The applicants had paid $13,520,539.95 under protest and sought a refund based on a lower land valuation.
The Tribunal preferred the evidence of the applicants' appraisers and economists, finding that a 12.5% downward adjustment for the COVID-19 pandemic and a 7.5% adjustment for view/shadow encumbrances were reasonable.
The Tribunal determined the market value of the lands to be $111,660,000 and ordered the City to refund $4,698,173.95 for the parkland payment, plus $9,686.08 for overcharged appraisal fees.
OLTOntario Land TribunalAug 27, 2021