Downtown Business Improvement Area (BIA) and Central Business District Zone (CBD) Redevelopment Grant

By mmuise
Description:

The Redevelopment Grant provides a financial incentive to property owners who rehabilitate and develop adaptive re-use plans for properties or buildings that are contaminated, under-utilized or vacant being located outside of the Downtown Community Improvement Plan area but within the designated Business Improvement Area (BIA) and Central Business District Zone (CBD).


Comments on Funding:

The maximum grant payment to be disbursed under the Program each year cannot exceed the annual incremental revenue generated from the applicant’s property in that fiscal year. Payments of the redevelopment Grant for City Changing Projects valued at over $10 million dollars in building permits with the City, should be paid on an annual basis for up to three (3) years.

Deadline: Continuous Intake
Eligibility:

The applicant must:

  • own a property located within the designated City of Moncton BIA and CBD Financial Incentive Program Area (check Schedule “C”);
  • be registered as a Corporation under the Business Corporation Act;
  • own a property that is not subject to any outstanding City work orders;
  • own a property that is not in a position of tax or BIA levy arrears. All taxes and BIA levies owing shall be paid prior to the disbursement of any payments in relation to the Program.
    Eligible Projects under the Program must represent one of following types of projects:
  • Infill and redevelopment of large surface parking lot, vacant under-utilized site and brownfield area;
  • Redevelopment of property which involves the demolition of commercial, residential or industrial building with the exception of designated heritage building;
  • Mixed Use building with integrated underground or structured parking; and
  • Public Parking Structure.
Application Steps:

Applicants must complete and submit the application form.

Documentation Needed:

Applicants must submit:
1. reports, plans, estimates, contracts and other details as may be required to satisfy the City with respect to the eligible costs of the project and with respect to conformity of the project with the Program;
2. a Business Plan, if required.

Other Things to Note:

The three (3) year Redevelopment Grant may be extended by an additional two (2) years where the City Changing Project development involves new municipal infrastructure being provided and installed. Revised: March 21, 2022

About the author
mmuise