Although granting assistance to business is permitted in the context of a partnering agreement, there are a number of essential limitations:
• Granting assistance to a business does not permit the granting of an exception from a local government regulation (e.g., zoning, subdivision or building regulation).
• Assistance granted to a business cannot be in the form of a reduction of a development cost charge that would otherwise be payable.
• If a local government intends to provide assistance by guaranteeing the borrowing of, or lending to, a partner and needs to borrow for these purposes, it must do so by loan authorization bylaw. The bylaw is subject to the same procedural requirements as other loan authorizations, including borrowing power restrictions, requirements for inspector's approval and counter petition opportunities or assent requirements.
• The local government must publish in a newspaper its intention to grant any assistance under a partnering agreement. The notice must be published prior to the granting of the assistance and include the intended recipient and the nature, term and extent of the proposed assistance.