149 Chatham Street
Estimate Property/Building Improvement Tax Increment Grant Calculation 149 Chatham Street West | |||
---|---|---|---|
Year of Grant | Pre Development Municipal Taxes (less Vacancy Rebate Allowance) | Post Development Municipal Taxes | Estimate Value of Grant |
1 | $ 15,820 | $ 31,091 | $ 15,271 |
2 | $ 15,820 | $ 31,091 | $ 15,271 |
3 | $ 15,820 | $ 31,091 | $ 15,271 |
4 | $ 15,820 | $ 31,091 | $ 15,271 |
5 | $ 15,820 | $ 31,091 | $ 15,271 |
Total Grant Estimate | $ 76,354 |
Assumptions | |
---|---|
Current Property Value Assessment (2019 - Commercial) | $684,900 |
Current Property Value Assessment (2019 - Residential) | $176,575 |
Current Municipal Tax Levy (2019) | $25,389.00 |
Estimate Post Development Property Assessment (Commercial) | $753,390 |
Estimate Post Development Property Assessment (Residential) | $194,233 |
Estimate Post Development Municipal Taxes (Commercial New Construction) | $24,766 |
Estimate Post Development Municipal Taxes (Multi-Residential) | $6,326 |
Municipal Multi-Residential Tax Rate | 0.03256788 |
Municipal Commercial Tax Rate | 0.03287237 |
Vacancy Rebate Allowance | $9,569 |
Because the Grant Program does not cancel taxes, the owner must pay the full amount of property taxes annually and will subsequently receive a grant for the difference between the pre and post-development municipal taxes. The City will retain the amount of pre-development (base) municipal taxes throughout the lifespan of the grant program; however will be foregoing any incremental property taxes which could otherwise be used to offset future budget pressures.
Consultations:
Consultations: The Downtown CIP was subject to stakeholder and public consultation as part of the approval process, including public meetings, a statutory public meeting and circulation among internal City staff and the Province.
Planning staff have consulted with the owner prior to accepting the application. Staff from the Planning and Building Division were consulted in the preparation of this report. Additionally, the following staff were consulted in the preparation of this report:
Don Nantais, Financial Planning Admin.
Carolyn Nelson, Manager of Property Valuations and Admin.