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.