Justin Wallbott from the NWMO provided an overview of the NWMO's Property Value Protection Program. Mr. Wallbott opened the presentation by providing background information on the property value program and noted it was drafted to ensure peace of mind related to property value in the area.
The NWMO engaged with Colliers Strategy and Consulting to review property value protection programs both domestically and internationally. They performed a benchmarking exercise that highlighted key elements for consideration as part of the program and completed a property value transaction data analysis to establish a baseline understanding of property transactions in South Bruce and Huron-Kinloss.
The program developed was based on results and lessons learned from the benchmarking exercise, and the consideration of creating a positive, accessible, and transparent process.
The program will come into effect once the site for the DGR is selected. All property types are eligible, they must be located within the established property value protection area (not yet finalized), the transaction must have been with an independent party, and claims are limited to one per property for the duration of the program.
Compensation is based on the difference between the value of the real property if the project did not exist and the actual value of the real property potentially impacted by the project.
Council questioned if the current tax class of the properties would be reclassified with the project and if the premium price paid for associated lands would increase the neighbouring property values and impact their assessed value for taxes.
Mr. Wallbot noted that if the DGR was to be built in South Bruce then the lands where the DGR would be located would be reclassified appropriately. He also noted that if the project was not to be located in South Bruce then the optioned lands would be sold gradually to not have a negative impact on the land values.