XCR(77)192
better that the use should remain restricted as at present. In the older part of the urban areas, however, local planning may on some occasions permit the full redevelopment of a site occupied by a public utility, the under-development of which, because it was not planned, may well be anachronous. For these reasons, a new policy for both new grants and modifications is necessary.
New Grants
5
Generally speaking, it is proposed that land should continue to be granted for public utility purposes only, and should remain non- assignable. However, premium, although assessed in accordance with existing zoning, will take account of the building density proposed. For instance, where it is necessary to grant a site in a predominantly residential area, where prevailing development is of 15 to 20 storeys, but where the public utility development will only achieve about 3 storey development, the development of the site will be restricted to 3 storeys only, and the premium will be assessed on the basis of this restriction.
Modifications
6
As stated above, modification of sites for normal commercial development will not usually be considered in modern urban layouts. However, it is possible that redevelopment of some of the older urban grant sites may be approved, subject to the company concerned giving an undertaking that it will not seek a further grant by private treaty in the area served by the site. In such cases, the company will be credited with the higher of:
(a)
the premium paid for the site; or
(b)
the present full market value of the site in the prevailing zoning but restricted to its existing building volume,
and will have to pay as premium the difference between the higher of (a) and (b) and the present full market value of the site in the prevailing zoning.
7
Where a new grant is made allowing for full development of the site, or a restricted site is modified in accordance with paragraph 6 above, it is proposed that the company should not be permitted to pay premium by instalments on account of the site being granted partly for public utility purposes. If, however, instalment payments are permitted