A Density Bonus is an optional payment made by a developer when City Council approves additional density above the base density in a zone at the time of rezoning and when a development permit is issued. The payment reflects and recognizes that adding density to a development increases its value to the applicant and the additional residents can create a strain on community amenities.
This funding is used to help pay for major capital projects identified in Coquitlam’s Official Community Plan, Parks, Recreation and Culture Master Plan and Strategic Transportation Plan. These projects can include libraries, community or recreation centres, arts facilities or youth centres; improvements to parkland and other public facilities; space for non-profit groups that serve the community, affordable housing; child care; greenways and trails; transit improvements; and streetscape upgrades.
Who pays and how much?
Under new rates that take effect on February 1, 2023, developers pay a Density Bonus on all residential floor area above the base density in a zone for all high-density developments (not for townhouses or single-family homes). Whoever applies for the rezoning or the related development permit pays density bonus at the time the building permit is issued. How much additional density can be applied for, the percentage of the increase of land value and the amount of financial contribution are set out in the individual zone. Check with City development staff to determine exact figures.