Through Recommendation VII of this Report Administration is requesting that this minor revision to the Program Detail of the Building/Property Improvement Tax Increment Grant be approved.

There are currently funds of $146,712.92 uncommitted in the capital project 7181046 (The Ford City CIP) to disperse the Retail Investment and Municipal Development Fees grants identified in this report. If the grant applications included in this report are approved, the amount of grants will total +/- $16,503.00. Therefore, the fund would still have $130,209.92 remaining in the account.

The Building/Property Improvement Tax Increment Grant would be based upon the municipal tax increase and will be calculated by the Finance Department in consultation with the Municipal Property Assessment Corporation (MPAC) once the project is completed.

The Building Facade Improvement Program is funded through Reserve Fund 156. The current uncommitted balance in the Fund is $20,708. If the proposed grant application of $15,000 is approved in principle, the fund would have $5,708 remaining. A request, as part of the 2021 budget approval process, has been put forward in which additional funds are being sought to increase the balance of available funding for future projects Administration will continue to monitor the program and put forward requests for funding as necessary.

Consultations:

The owner of the property located at 1008 Drouillard Road and project Architect have been consulted regarding grants related to the improvements outlined in this report. Carolyn Nelson, Manager of Property Valuation & Administration, Taxation & Financial Projects was consulted with respect to the Ford City CIP Building/Property Improvement Tax Increment Grant . Don Nantais, Financial Planning Administrator was also consulted regarding the Ford City CIP and Building Facade Improvement CIP grants, and related capital project/reserve fund balances. Neil Robertson, Manager of Urban Design was consulted regarding minor revisions to the Program Detail for the Building/Property Improvement Tax Increment Grant Program.

Conclusion:

The improvements to 1008 Drouillard Road meet all of the eligibility criteria as identified in the Discussion section of this report for the Retail Investment , Municipal Development Fees , and Building Facade Improvement Program grants, through both the Ford City CIP and Building Facade Improvement Program and Urban Design Guidelines for Main Streets CIP The minor revision proposed in Recommendation VII to the Ford City CIP Building/Property Improvement Tax Increment Grant Program Detail will be more reflective of the level of investment that is expected to occur in Ford. City. .

Once the project is completed and property reassessed, if the increase in the municipal portion of the annual tax increment meets the minimum eligible amount of $1000 then the Building/Property Improvement Tax Increment Grant will also be administered. There are sufficient funds in both the capital project and reserve fund to provide grants for the proposed improvements. Administration recommends approval of the grants identified in this report.