The Town of Newmarket stands to be challenged by inflation as it tries to keep residential tax increases below three per cent.
Town staff is preparing budget targets for 2025 and projects a 3.5 per cent tax rate would keep pace with inflation. Council will review the target at its April 29 meeting, as well as parking changes and a new condominium development proposal on Davis Drive and Bolton Avenue.
Here is what NewmarketToday will be following:
Budget target
Newmarket is beginning the process of the developing the 2025 budget with inflation still remaining a challenge for the municipality.
Council has directed tax rate increases to keep below three per cent each year. After several years of maintaining that target, the town has not made that target the past two years, increasing by 3.99 for 2024 and 5.5 per cent for 2023.
Much of that increase was attributed to challenges with inflation.
“If target (of below three per cent) is to be achieved, the base budget increase will likely be below rate of inflation, a challenge similar to the 2024 budget,” staff said in a preliminary budget report.
Church Street Parking
Newmarket will look to lighten restrictions on Church Street parking as the downtown core expects more traffic in the coming months.
After a review of the area, staff are proposing that on-street parking be allowed with a two-hour maximum from Monday to Saturday from Botsford Street to Eagle Street on the east side of Church Street.
Currently, parking is limited in the area except on Sundays, but the town sought to review it with parking expected to be more in demand downtown with the upcoming opening of the Postmark Hotel.
Other parts of the street will see different adjustments. From Park Avenue to Botsford Street, on-street parking would only be allowed weekday evenings from 5 to 11 p.m., Saturday and all day Sunday on the east side. The town will maintain no parking from Millard Avenue to Park Avenue on the east side.
The staff report noted that the upcoming downtown parking structure is expected to be completed in 2025. Once that is in place, staff indicated they will monitor and review parking on Church Street.
New development
The public can have their chance to provide input into a proposed development at Davis Drive and Bolton Avenue.
The proposal includes 767 units spread across two buildings, one on each street. There would also be underground parking and some commercial space on the Davis Drive building.
Along with a presentation from planning firm Macaulay Shiomi Howson Limited, residents are also set to make delegations on the matter.
The town will stream the council meeting at 1 p.m. You can view the meeting at newmarket.ca/meetings or attend in person at 395 Mulock Dr. You can also arrange a deputation or send correspondence by emailing [email protected].
