Item No. 8.13
Committee Matters: SCM 168/2020
Subject: Application by the registered owner (1433341 Ontario Inc.) for Financial Incentives under the Sandwich Community Improvement Plan within the Sandwich Heritage Conservation District for the property located at 3236 to 3238 Sandwich Street (Ward 2)
Moved by: Councillor Holt Seconded by: Councillor Sleiman
Decision Number: DHSC 164
I. THAT the request made by the registered owner (1433341 Ontario Inc.) of the property located at 3236 to 3238 Sandwich Street, for financial incentives under the Sandwich CIP Economic Incentive Program(s) for improvements to the exterior facade(s) of the commercial establishment known as Rock Bottom Bar & Grill BE APPROVED, for the following incentive programs:
- i. Commercial/Mixed Use Building Facade Grant in the amount of $25,000;
- ii. Commercial/Mixed Use Building Improvement Loan Program in the amount of $30,000;
- iii. Commercial Core Feasibility Grant up to a maximum amount of $5,000;
- iv. Development and Building Fees Grant in the amount of (+/- ) $2,466; and
- v. Revitalization Grant Program for 70% of the municipal portion of the tax increment for up to 10 years (amount to be determined);
II. THAT should improvements result in an increased assessment which would make this application eligible for the Revitalization (property tax increment) Grant Program, Administration BE DIRECTED to prepare the agreement between the City and the registered owner (1433341 Ontario Inc.) of 3236 to 3238 Sandwich Street to implement the Revitalization Grant Program (only) in accordance with all applicable policies, requirements to the satisfaction of the City Planner as to content, the City Solicitor as to legal form, and the CFO/City Treasurer as to financial implications;
III. THAT the CAO and City Clerk BE AUTHORIZED to sign the Sandwich Incentive Program(s) Agreements in accordance with all applicable policies, requirements, and provisions contained within the Olde Sandwich Towne Community Improvement Plan to the satisfaction of the City Planner as to content, the City Solicitor as to legal form, and the CFO/City Treasurer as to financial implication;
IV. THAT grants BE PAID to the registered owner (1433341 Ontario Inc.) of 3236 to 3238 Sandwich Street upon completion of improvements to the building facade(s) located at 3236 to 3238 Sandwich Street through Project 7076176-Sandwich