The property would continue to generate $6,788.14 in annual municipal taxes, which would be retained by the City through out the lifespan o the grant programs. After the grant programs cease the full amount of increased annual municipal taxes (i.e. $73,165) would be retained by the City in perpetuity. Building permit fees and 40% of the development charges (i.e. approximately $10,803.62) would be realized at the onset of the project.

CONSULTATIONS:

The development and approval of the Brownfield Redevelopment CIP was subject to extensive stakeholder and public consultation, which sought input from a wide range of stakeholders and internal City departments.

Planning staff have consulted with the applicant prior to accepting the Brownfield CIP applications. Staff from the Planning, Finance, and Legal Departments were consulted in the preparation of this report.

CONCLUSION:

Administration recommend Council approve the requests from 1362279 Ontario Ltd. to participate in the Tax Assistance and Brownfield Rehabilitation Grant Programs and direct Administration to make application to the Province under the BFTIP program on the owner’s behalf. The recommended grant package would offset 100% of the estimated remediation costs and 53% of all eligible costs under the Brownfield Redevelopment CIP (e.g. environmental remediation, demolition, site servicing, application fees).

The proposed clean-up and redevelopment of this brownfield site conforms to the Brownfield Redevelopment CIP; assists the City in the achievement of a number of CIP, Official Plan, and Environmental Master Pan goals; and exemplifies the purpose for which the Brownfield Redevelopment Strategy was created.

PLANNING ACT MATTERS: