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For example, say the following property was constructed in 2001: Ownership breakdown: 72% Homeowner/28% BHC
Home Owner Equity Share -72% (Cost to new Buyer) $216,000 BHC Equity Share (28%): $84,000 Fair Market Value (FMV) of Property: $300,000
In 2018 the same house is now valued at a fair market value (appraised value) of $850,000. The BHC has listed the house and found a registered purchaser for the property. The following breakdowns shows the cost to the buyer and the equity share for the BHC.
Ownership breakdown: 72% Homeowner/28% BHC
Home Owner Equity Share - 72% (Cost to new buyer) $612,000 BHC Equity Share (28%): $238,000 Fair Market Value (FMV) of Property: $850,000
If the BHC decides to continue in the equity share arrangement with the new buyer, then the new buyer is acquiring the home will pay $612,000 and the BHC will retain the equity of $238,000 for a total (Fair Market value of $850,000)
The Board has 15 days to make these decisions.
A sale can be completed only if the Board consents and if it decides not to exercise its ROFR. The equity share arrangement may or may not be extended to the new buyer. (See Article 8 of the sub-lease) BHC sub-lease
The BHC has a ROFR on all bona fide offers to purchase specific to a BHC property. It is at the sole discretion of the BHC to exercise this ROFR and re-acquire a BHC property per the terms and conditions of any bona fide offer presented to the BHC for consideration of consent and deferral of the BHC’s equity share in the transaction.
1. They can sell through the BHC’s Registered Resale List (RRL). For equity share properties the BHC charges a fee of 0.6% of market value for this service of which $500+GST is due upfront and is non-refundable. For price restricted properties the BHC charges a $2193+GST (2013) fee for this service of which $500+GST is due upfront and is non-refundable2. They can sell through a real estate agent or privately, requesting from the BHC approval to purchase the equity share portion, prior to the actual home sale. (Each homeowner is then responsible for the full real estate fee and in every instance where this has occurred the Board requested that the purchaser pay 100% of the sale price of the property).
In all two scenarios, once an offer to purchase has been signed for a BHC property the BHC Board must be provided with a copy of the signed offer and then has fifteen (15) days from receipt of the offer to make the three decisions described above.
Applications for the RRL are free to pick up at the Banff Housing Corporation office, located in the Ti’nu building at 547 Coyote Lane, suite 2006 Monday to Friday (excluding holidays) from 8:30 a.m.-4:30 p.m. or can be printed from Banff.ca. In order to submit a completed application, applicants must return pg 5, 6 and 7 along with a one-time non-refundable fee of $50 to 547 Coyote Lane in Banff. Applicants will be required to re-confirm their willingness to be on the RRL as well as pay an annual $50 renewal fee.
1. Identification of Home SaleThe Banff Housing Corporation and the Homeowner make a binding agreement regarding the “Base Market Value” of the home.a) The Homeowner notifies the Banff Housing Corporation that he/she intends to sell.b) The Homeowner and the Banff Housing Corporation each procure an appraisal from a list of approved appraisers at their own expense, and simultaneously provide the appraisal to the other party. All appraisals should have at least one non-Banff Housing Corporation home as a comparable.c) The average of the two appraisals will be accepted as the “Base Market Value” valid for a period of 3 months. d) If the appraisals differ by more than 8%, there will be a 48 hour review period while the homeowner and the Banff Housing Corporation discuss and decide whether either party wishes to obtain a 3rd appraisal. Should either party obtain a third appraisal (at their own cost, unless both parties deem it necessary in which case the costs will be shared equally) the “Base Market Value” is the average of the 3 appraisals. e) Appraisals are kept confidential by all parties except as noted above, unless agreed to by both parties.
NOTE: The percentage difference between appraisals is calculated by: (Highest-Lowest) over Highest x 100
Step 2: Setting of the “Bookends” of the pricing rangeThe upper limit of the “Range” is 6% above the Base Market Value or 3% above the highest appraisal, whichever is lower.
The lower limit of the “Range” is 6% below the Base Market Value or 3% below the lower appraisal, whichever is higher. This lower limit is not a price guarantee of any sort.
Step 3: Clear OutcomesIf a qualified Third Party Purchaser makes an offer for a sale value within the Range, the Banff Housing Corporation will consent to the transaction and will not refuse to defer its equity on the basis of the price.
If a qualified Third Party Purchaser makes an offer for a sale value above the Range, the Banff Housing Corporation may refuse consent to the transaction and refuse deferral of its equity on the basis of the price.
The above process applies specifically to consent based on price. However, equity deferral can also be refused based on public policy. The choice to refuse equity deferral based on public policy can only be made for previously established and published public policy reasons.
UPDATE 2018 stress test: As of the 1st of January 2018, all Canadian buyers borrowing from a federally regulated lenders will be subject to the OSFI Mortgage Stress Test, including insured borrowers (those with a down payments of 20% or more.)Lenders will now have to qualify all conventional mortgages using the Bank of Canada’s 5-year benchmark rate, which is currently set at 4.99%, or at the current contracted rate + 2% if that rate exceeds the benchmark rate. So, if you are currently pre-approved at 3.5%, you will now have to qualify as if your interest rate were 5.5%, which could significantly reduce your buying power.
Implementing a clear bag program also improves worker safety by enabling waste collectors to more easily identify if there are sharp objects such as broken glass or needles, or hazardous materials such as oil, paint or corrosive materials in the bag, prior to handling.
You can also pay online through your bank's online banking services. You will need your assessment roll number to set up the account. Or you can pay in person at your bank. Be sure the transaction is completed by property tax due date.
The other two portions of property taxes are the municipal levy for services such a police, fire, recreation and snow removal and the Alberta School Foundation Fund (ASFF) which is a provincial education tax.
A street use permit requires two business days to be processed. This time is needed for review, approval and communication of closures to all affected parties. Permits will be denied if there is insufficient time to process an application. An application must be made five business days in advance if parking restrictions are needed in a residential zone.
For large projects and major excavations, applications should be made a minimum of 10 business days prior to the proposed start of the project.
Permit fees are based on the length and areas of the street and public place that are being restricted. Check the fee schedule (PDF) for details. In addition, there is a $50 administration fee and GST.
Applications can be filled out (PDF) and emailed to firstname.lastname@example.org or submitted in person at Town Hall.
A Traffic Management Plan shows how pedestrian and vehicular traffic will be safely controlled around the work site. It can be a sketch, detailed notes or a map showing the proposed placement of all signs, cones, barricades and traffic control devices to manage pedestrian and vehicular traffic around the work area. Please include the size of the work area and associated street restrictions needed to enable fee calculations.
After review and approval of the application and traffic management plan, a permit fee notification will be sent by email. Payments can be made with Visa or Master Card by calling 403.762.1200 or in person at Town Hall (please know the permit number and fee amount). Fees must be paid prior to the start date for the permit to be valid. Receipts can be sent by email or picked up in person at Town Hall.
Excavation work may require a security deposit. After your application is reviewed, you will be notified as to whether an excavation deposit is required and the amount. The deposit can be made by a letter of credit, cheque or credit card (Visa or Master card) prior to the work start date.
Approved street use permits will be issued by email after payment has been received. A copy of the approved street use permit is required to be displayed on site.
Special Events in the Town of Banff are managed by the Visitor Events Specialist. To find out more information about special events, road closures, applications and guidelines, contact the Visitor Events Specialist at 403.762.1221. For a small community event, contact Community Services at 403.762.1251 for details.
Sidewalk Seating and Outdoor Merchandise Display permits are issued by the Planning & Development Department. Call 403.762.1215 for details.
A Busking Permit is required to perform on the street in Banff. Please apply in person at Town Hall, 110 Bear Street. Picture identification is required. Contact 403.762.1218 for details.
A street use permit is required to restrict parking on the street. Once a permit has been approved, “No Parking” signage can be placed on the street showing the date and permit number. In residential zones it must be placed 72 hours in advance. “No Parking” signs are the permit holder’s responsibility.
In accordance with the bylaw, masks can be temporarily removed when eating and drinking. We ask that masks be worn into the establishment, up until you are ready to eat or drink, and then put on again once you have finished your meal/drinks and are ready to depart.
We understand that it can be difficult to explain why masks should be worn to young children. The bylaw exempts children under the ago of two (2) from wearing a mask, and exempts children who are chronologically or developmentally under the age of five (5) who cannot be persuaded to wear a mask by their caregiver.
Our primary focus is on educating residents and visitors on the importance of wearing masks. We have Safety Ambassadors working seven (7) days a week who are informing people about wearing masks and safely handing masks out to the public. Municipal Enforcement will first educate anyone not meeting the bylaw requirements and will only enforce the bylaw with a fine if there is no compliance. Fines are $150.
There are a number of exemptions to this bylaw and no proof is required. We trust everyone to respect the safety of others and represent their own best interests. Bylaw exemptions include:
No. Municipal Enforcement is responsible for educating the public about this new bylaw and for enforcing the bylaw if there is an instance of education with non-compliance. Fines are $150. Businesses may have their own policies for managing mask use on their property, but they are not required to enforce the Town’s bylaw and should avoid confrontation. Businesses are required to post the notice about the bylaw requirement. Businesses are not required, but are welcome to share information about the bylaw requirements and exemptions.
No – businesses are not required to provide masks to customers. Businesses are not required to verbally remind anyone not wearing a mask about the requirement. Businesses are only required to post notification about the mask requirement in your entrance. The Town of Banff is encouraging people to bring their own masks and has also hired Safety Ambassadors to distribute masks seven (7) days a week to hand out free masks in the Downtown Pedestrian Zone on Banff Avenue. They have been trained to do so in the most sanitary way to ensure the distribution does not compromise the sterility of the masks. They are also receiving conflict-avoidance training and are well versed in the bylaw requirements. A number of locations in Banff are also selling masks (banff.ca/COVIDHelp#Masks) for anyone who may not have one.
Business can download the required poster/sign in a few formats from Banff.ca/COVIDMasks. If businesses do not have any means to print the poster for display, they are to inform the Town by email at email@example.com.
Yes, similar to no-smoking legislation, any publicly accessible space, even on private property, requires masks to be worn by everyone not exempt under the bylaw, or staff in private spaces where they cannot maintain physical distancing requirements. Examples of publicly accessible spaces in hotels and other accommodations include lobbies, elevators, meeting rooms or other common use facilities. Masks are not required to be worn by guests within their own private rooms within hotels or accommodations.
An enclosed space means the interior area of any building or structure to which the public is invited or permitted access, either expressly or by implication regardless of whether a fee is charged for entry, in order to receive or to provide goods or services, including but not limited to the public areas of the following:
Yes – the bylaw applies to public vehicles. A public vehicle means a bus, taxi, or other vehicle that is used to transport members of the public for a fee. A person must wear a mask in a public vehicle, unless the person is separated from other persons by an installed screen, shield, or other barrier.The bylaw applies to Roam transit within the town. In fact, Roam was Alberta’s first transit service to independently decide to require masks/face coverings on public transit.
The masks provided by the Provincial Government are being distributed directly to the public through the Town of Banff’s Safety Ambassadors. The Safety Ambassadors are distributing masks seven (7) days a week in downtown Banff along the Pedestrian Zone. They have been trained to do so in the most sanitary way to ensure the distribution does not compromise the sterility of the masks. They are also receiving conflict-avoidance training and are well versed in the bylaw requirements. We do not require businesses to hand out masks, nor does the Town of Banff require businesses to enforce the bylaw.
The Town of Banff distributed masks to all dwellings. Residents can also pick up a supply of masks from Town Hall, 110 Bear Street, during regular business hours.
The Town’s Municipal Enforcement staff will focus on providing public education to achieve compliance with the bylaw. For individuals who do not qualify for an exemption, and who choose to ignore the bylaw requirement, Municipal Enforcement has the authority to issue a ticket, with a fine of $150.
Masks can be purchased from several organizations in Banff. For a full list of mask providers, visit banff.ca/COVIDHelp#Masks.
Masks can be disposed of in any lined bin. All publicly accessible bear-proof bins in town are lined, and therefore are suitable for disposal. Hand-sanitizers have been placed on the side of most garbage bins in the downtown pedestrian zone.
Masks and face coverings appropriate under this bylaw include non-medical masks and medical masks that securely covers the nose, mouth, and chin and is in contact with the surrounding face without gapping, and filters respiratory droplets. Face shields are also an acceptable face covering.
No – masks are only required in enclosed public spaces in the Town of Banff and within the Town’s downtown Pedestrian Zone, along the 100 and 200 blocks of Banff Avenue and Caribou Street.
Yes. Physical distancing in public spaces is inconsistent and unpredictable and part of why this temporary bylaw is necessary.
The addition of a fourth lane would require the sidewalks on the bridge to be narrowed on both sides from by one metre. This will negatively impact pedestrians and is contrary to council’s strategic priority of promoting sustainable modes of transportation. As well, a crash barrier between the sidewalk and driving lanes would likely be required with four driving lanes on the bridge leading to a further reduction in sidewalk width on a designated heritage structure. In the long term, traffic volumes are likely to increase beyond the capacity that fourth lane could provide.
Council considered a trial lane reversal in November 2014 to assess the efficiency of two northbound lanes. The trial was not approved because Council felt the limits of the Buffalo/Banff Avenue intersection would make the trial ineffective.
Check the Traffic Dashboard for travel times in town, as well as parking availability at certain lots.
Building a parkade has been considered but is inconsistent with the findings of both the Transportation Master Plan and the Long Term Transportation Study (LTTS). Both studies assessed the capacity of the road network and recognized that road network capacity is exceeded for the peak summer months. Both studies recommend intercept parking outside downtown as a way reduce vehicle congestion by reducing unwanted trips of vehicles circulating to find parking (these trips account for approximately 20% of all vehicle trips during congested periods). A survey carried out as part of the LTTS indicated that 78% of respondents disagreed with the statement that “The future of transportation in Banff should involve building more road capacity to move more cars”; 74% of respondents to the survey agreed with the statement that “The future of transportation in Banff should be financially self-sufficient (pay for itself)”. Building a second downtown parkade would require road upgrades to access it and, without a source of revenue through user-pay parking, the parkade operation and associated debt-financing would be costly for tax payers.
A 500 stall intercept lot opened in September 2019 and is being monitored for occupancy levels; transit ridership continues to grow with further expansions to local and regional services planned for 2020 and beyond.
Moving towards a sustainable transportation future is enshrined in Council’s strategic priorities in the areas of both transportation and environment. Intercepting vehicles and improving alternatives to driving by improving trail quality and connectivity and enhancing public transit are key priorities in the Strategic Plan.
Rather than implementing a hard limit on motorists travelling over the Bow River Bridge, since 2014 Council and Administration have worked in collaboration with stakeholders and focused on promoting and investing in alternative transportation, with significant success:
• With increased service frequency Roam Transit local ridership over the Bow River Bridge has increased 47% from 374,695 in 2016 to 552,132 in 2018.• Pedestrian traffic over the Bow River (pedestrian and traffic bridges combined) has increased 53% from 571,159 to 872,542 crossings between 2015 and 2018.• Bicycle parking capacity in town has increased 55% from 550 in 2015 to over 850 in 2018, and usage has increased 42%.• Total annual vehicle volume over the Bow River Bridge decreased by 3.6% (173,548 vehicles) from 2017 to 2018.• Days with travel time delays greater than 15 minutes between Rimrock Resort Hotel and the Buffalo-Banff intersection have decreased from 15 in 2016 to 8 in 2018.
Additionally, a Central Park pedestrian crossing is under consideration subject to successful applications for both Federal and Provincial funding. The project would encourage active transportation among both residents and visitors, reducing the reliance on private vehicles to travel over the Bow River Bridge. The potential impact of a second pedestrian crossing in reducing congestion over the Bow River can be derived from the Muskrat Street pedestrian bridge usage statistics, which increased 64% (from 166,601 to 273,581 crossings) between July and August 2014 and 2018.
The increased efficiency associated with moving through the intersection for both pedestrians and motorists outweighs the increased delays. However, your wait is shorter than you think. Motorists are waiting an additional 30 seconds per cycle at most (compared to timings prior to the scramble operations) and pedestrians up to an extra 37 seconds per cycle. These wait times are reduced in the winter as the traffic signals operate with a shorter cycle length.
This timing meets the Canadian standard for calculating pedestrian clearance of 1.2 metres/second and is balanced to meet the needs of all users. A longer pedestrian crossing time would increase motorist delay or shorten green time for motorists. The timing tried to balance all intersection users.
Traffic signals at Banff’s intersections are synchronized to support travel down the main Banff Avenue corridor. On busy summer days, the northbound signal pattern is combined with green times specifically designed for high traffic volumes, with video detection cameras that support each direction. The cameras trigger a signal change if there is no traffic facing the current green light, and associate the extra, unused green time to the other movement. There is no point in time when the signals are not feeding traffic onto the bridge.
The RCMP advise that Banff’s intersections require two professionally trained traffic management officers (RCMP or Bylaw) for each intersection. This makes flagging expensive as well as ineffective at signalized intersections.