| CIP | Capital Project/Fund | Number ofApprovedApplications | TotalGrantsApproved | UncommittedBalance |
|---|---|---|---|---|
| Facade Improvement Grant) | (Project #7011022) | |||
| Sandwich Town CIP (Commercial/ Mixed Use Building Facade and Grant Program, Commercial/ Mixed Use Building Improvement Loan Program, Commercial Core Feasibility Study Grant Program, Development Charge Grant Program, Development and Building Fees Grant Program, Neighbourhood Residential Revitalization Grant) | Sandwich Community Development Plan (Project #7076176) | 9 | $284,205 | $363,704 |
| Building Facade Improvement CIP | Building FacadeImprovementProgram—ReserveFund 156 | 4 | $106,105 | $28,832 |
| Ford City CIP (MunicipalDevelopment Fees GrantProgram, New ResidentialDevelopment Grant Program,Retail Investment GrantProgram, NeighbourhoodResidential Rehabilitation GrantProgram) | The Ford City CIP (Project #7181046) | 11 | $101,695 | $148,305 |
As shown in the table above, the funding for the Downtown CIP and Building Facade Improvement programs are now near depletion. The Downtown CIP began implementation in November 2017 and Council can expect an application in February totaling $50,000 in grant fund requests. Staff still receive inquiries and expect other applications to be submitted by property owners and tenants.
Tax Increment-Based CIP Grant Programs:
The Economic Revitalization, Brownfield Redevelopment, Downtown, Sandwich Town, and Ford City CIPs contain grant programs that are funded through increases in property value assessment and municipal tax levy (i.e. no reserve account is associated with the grant programs). The City retains the amount of pre-development (base) municipal taxes and grants back up to 100% of the increase in municipal tax levy annually for a specified time.
Tax increment-based grants are considered foregone municipal tax levy that would otherwise be used to offset future budget pressures. The grants have no impact on the capital budget accounts that fund related CIP grant programs.