Deposits, Letters of Credit and Surety Bonds

Find information on Letters of Credit and Surety Bonds for development projects. 


Development Cost Charges Update

Starting January 1, 2026, the new Development Cost Charges (DCCs) instalment fee structure will apply to all applicants. If your first payment instalment occurs on or after January 1, 2026, the new fee structure will automatically apply.

  • If you received a fee summary in 2025 and have not made your first payment instalment until January 1, 2026 or after, then the new fee structure will apply.
  • If you made the first payment instalment in 2025, then the old fee structure will apply.

The fee structure will move from three equal payment instalments with full payment within two years to a new fee structure, where 25% of the fee summary is due upfront, and the remaining 75% is deferrable until the earlier of two possible scenarios is reached:

  1. Four years after the date of either the subdivision received approval or the building permit was granted issuance, or;
  2. 15 business days after all required occupancy permits have been issued and the Town gives written notice to the developer that the conditions, if any, have been satisfied and payment of the balance of the charge is due. 

Letters of Credit

A Letter of Credit (LOC) is a binding financial contract obtained by a developer through a financial institution and provided to the Town as a form of security for required deposits or instalment payments. The LOC guarantees that the Town of Comox will receive payment directly from the financial institution if a developer does not fulfill their obligations.

How to Submit a LOC:

Surety bonds

A surety bond is a three-party contract obtained by a developer through an insurer and provided to the Town as a form of security for Servicing Agreements or Development Charge instalment payments. The surety bond guarantees that the Town of Comox will receive payment directly from the insurer if the developer does not fulfill their obligations.

For additional information, refer to the Town's Deposit Policy.

How to Submit a Surety Bond:

Contact: 

finance@comox.ca
250-339-2202