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(1) Where an owner or occupant of a building is required under a by-law of a local municipality to provide and maintain parking facilities on land that is not part of a highway, the council of the municipality and such owner or occupant may enter into an agreement exempting the owner or occupant, to the extent specified in the agreement, from the requirement of providing or maintaining the parking facilities.  R.S.O. 1990, c. P.13, s. 40 (1).

(2) An agreement entered into under subsection (1) shall provide for the making of one or more payments of money to the municipality as consideration for the granting of the exemption and shall set forth the basis upon which such payment is calculated.  R.S.O. 1990, c. P.13, s. 40 (2).

(3) All money received by a municipality under an agreement entered into under this section shall be paid into a special account and,

(a) the money in that account shall be applied for the same purposes as a reserve fund established under the Municipal Act, 2001 or the City of Toronto Act, 2006, as the case may be;

(b) the money in that account may be invested in securities in which the municipality is permitted to invest under the Municipal Act, 2001 or the City of Toronto Act, 2006, as the case may be;

(c) earnings derived from the investment of the money in the special account shall be paid into that account; and

(d) the auditor of the municipality, in the auditor’s annual report, shall report on the activities and position of the account.  2002, c. 17, Sched. B, s. 13 (1); 2006, c. 32, Sched. C, s. 47 (6).

(4) An agreement entered into under this section may be registered in the proper land registry office against the land to which it applies and, when so registered, any money payable to the municipality under the agreement that has become due for payment shall have priority lien status as described in section 1 of the Municipal Act, 2001 or section 3 of the City of Toronto Act, 2006, as the case may be.  2002, c. 17, Sched. B, s. 13 (2); 2006, c. 32, Sched. C, s. 47 (7).

(5) When all money payable to the municipality under an agreement registered under subsection (4) has been paid, or such agreement has been terminated, the clerk of the municipality shall, at the request of the owner of the land, provide a certificate in a form registrable in the proper land registry office, certifying that the money has been paid or that the agreement has been terminated.  R.S.O. 1990, c. P.13, s. 40 (5).