Brownfield Development Grant Program: Commercial Space Development/Redevelopment
no fixed amount
Grant
Description:
The Brownfield Development Grant Program promotes redevelopment of qualified properties by helping cover some of the remediation costs. The available Brownfield Development Grant is calculated based on property tax increment values. The difference in taxes is used to provide a grant to the applicant for three years as a measure to offset remediation costs that were incurred. A brownfield is an idled or under-used industrial or commercial property where redevelopment is complicated by environmental concerns. The grant program duration is three (3) years, pending continuing to meet program guidelines.
Comments on Funding:
Funding is a grant calculated based on property tax increment values.
Continuous Intake
Eligibility:
Applicants must meet the following conditions:
1. the site must be located in the Town of Paradise;
2. the applicant must be the owner of the site but not responsible for causing the on-site contamination that requires remediation;
3. all development plans must meet Provincial and Municipal policies and approvals;
4. the site must be in good standing of tax arrears and other financial obligations.
Application Steps:
Applicants must:
1. complete the environmental assessments, indicating the condition of the site and work required to remediate, redevelop and provide an adaptive reuse;
2. submit the application for the Brownfield Development Grant prior to development approvals and permits issued (the program takes effect after the site has been remediated and re-assessed);
3. pay applicable property and business taxes each year by due date (once accounts are in good standing, a grant will be issued each year for the difference between the base property tax bill at the time of application and the re-assessed property tax bill for the duration of the program).
Documentation Needed:
No specific documentation has been identified.
Other Things to Note:
All applications are subject to Council approval.
About the author
Maurice
