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  • 595 (1) If a designation by a heritage designation by-law causes, or will cause at the time of designation, a reduction in the market value of the designated property, the Council must compensate an owner of the designated property who makes an application under subsection (2), in an amount or in a form the Council and the owner agree on or, failing an agreement, in an amount or in a form determined by binding arbitration under subsection (4).
  • (2) The owner of a designated property may apply to the Council for compensation for the reduction in the market value of the designated property.
  • (3) An application under subsection (2)
  • (a) must be made, in order for the owner to be entitled to compensation under this section, no later than one year after the heritage designation by-law is adopted, and
  • (b) may be made before the heritage designation by-law is adopted.
  • (4) If the Council and an owner are unable to agree
  • (a) that the owner is entitled to compensation, or
  • (b) on the amount or form of compensation, then either the Council or the owner may require the matter to be determined by binding arbitration under the Arbitration Act.
  • (5) An arbitration under this section must be by a single arbitrator unless the Council and the owner agree to the appointment of an arbitration panel.
  • (6) The arbitrator or arbitration panel, in determining whether the owner is entitled to compensation and the amount or form of compensation, must consider
  • (a) financial and other support available for conservation of the designated property, and
  • (b) any other benefits that are available because of the designation of the property.
  • (7) Compensation must not be paid, and an arbitration must not continue, if the Council defeats, or determines not to proceed with, the designation by-law.
  • (8) Nothing in this section authorizes the Council to give any financial or other benefit to an owner except that which is commensurate with reduction in the market value of the designated property as caused by that designation.
  • (9) This section does not apply with respect to property that, immediately before the adoption of the heritage designation by-law, is already designated under a heritage designation by-law or under section 9 of the Heritage Conservation Act.

1994-43-101; 1997-25-213; 2011-25-481, Sch. (B.C. Reg. 131/2012).