Central Area Revitalization (Tax Increment Based) Grant Program

By mmuise
Description:

This program would provide a grant to property owners who undertake the remediation, rehabilitation, restoration, or redevelopment of their properties that results in a reassessment of their properties.


Comments on Funding:

Funding shall not exceed 100% of the increase in the municipal portion of the taxes in years one to five of the program, decreasing to 80% in year six, 60% in year seven, 40% in year eight, and 20% in year nine with the owner paying the full amount of taxes in year ten.
The property owner would first be responsible for the full payment of taxes, after which the City would then provide the grant.
The amount of the grant shall not exceed the total value of the work that resulted in the reassesment.

Deadline: -
Eligibility:

Applicants must be property owners within the Central Area Community Improvement Project Area.

Application Steps:

Applicants must:

1. arrange a pre-application meeting with Municipal Staff in order to determine program eligibility;

2. complete and submit an application form and ensure that their application includes the required supporting documentation, if authorized to apply for a grant.

3. Applications and supporting documentation are reviewed by staff to ensure that they meet all of the eligibility requirements. If the application does not meet the eligibility requirements, applicants will be notified in writing.

4. Staff may request clarification or additional supporting documentation.

5. Staff will perform an initial site visit and inspection of the property, if necessary.

6. If the application is approved by Council, the Grant Agreement is then executed by the City. A copy of the executed agreement(s) is then returned to the applicants for their records.

Documentation Needed:

Applicants must submit:
1. photographs of the existing building;
2. historical photographs and/or drawings;
3. a heritage impact statement for designated or eligible heritage properties;
4. a site plan and/or professional design/study/architectural drawings;
5. specification of the the proposed works, including a work plan for the improvements to be completed and construction drawings;
6. estimated project construction costs, including an itemized listing of said costs;
7. environmental reports and/or Record of Site Condition, as necessary.

Applicants must provide the city with proof of completion of project, including:
1. photographic evidence of the completed project satisfactory to City;
2. actual cost of project;
3. other documentation proving completion of the project, e.g., engineer’s report (if required);
4. all final reports and documentation as required.

Other Things to Note:

No deadline found. The 2017 Central Area Community Improvement Plan mentions the same programs as the 2021 Central Area Community Improvement Plan and usually these are programs that strech over years.

About the author
mmuise