Evolution Of The Property Value Protection Program - A Study Of How A Compensation Plan To Address Project-related Diminution Has Evolved To Meet Changing Needs

Abstract

The Property Value Protection (PVP) Program offers an innovative approach to address the risk of individual property value loss resulting from the cleanup and long-term management of low-level radioactive waste in the Port Hope area. This cleanup is taking place through the Port Hope Area Initiative (PHAI), a federally sponsored waste remediation project.

The Program came into effect on October 1, 2001, having been established as a key element of the Legal Agreement for the Port Hope Area Initiative, signed between the Government of Canada and the municipalities of Port Hope and Clarington. The PVP Program was designed in direct response to the concerns expressed by the agreement;s two municipal signatories that protection of local property owners from the risk of property value loss was critical to their acceptance of the Port Hope Project and Port Granby Project.

The PVP Program compensates owners of residential, commercial or industrial properties for a loss in fair market value on the sale or rental of their properties. Increased mortgage refinancing costs and expenses incurred as a result of delayed sales that can be attributed to the Port Hope Area Initiative are also compensated.