Increment 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;
- IV. THAT the CAO and City Clerk BE AUTHORIZED to sign the Grant Agreement(s) in content satisfactory to the City Planner, in financial content to the satisfaction of the City Treasurer and in form satisfactory to the City Solicitor;
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V. THAT grants BE PAID to 2594756 Ontario Ltd. (c/o Kyle MacDonald) upon completion of improvements to the interior/exterior of the building through capital project 7181046 (The Ford City CIP) and facade improvements through reserve fund 156 (Community Facade Improvement Program) to the satisfaction of the City Planner and Chief Building Official;
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VI. THAT grants approved SHALL LAPSE if the applicant has not completed the work and fulfilled the conditions within 2 years of the approval date;
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VII. THAT the Building/Property Improvement Tax Increment Grant Program identified in Section 5.1 IMPLEMENTATION of the Ford City Community Improvement Plan (CIP) under Program Details BE REVISED to reduce the annual grant (or tax increment) from at least $2,500 to $500 for properties that are taxed at the “residential” tax rate; and to reduce the annual grant (or tax increment) from at least $5000 to $1000 for all other tax categories.
Executive Summary:
N/A
Background:
On January 8 th , 2018, City Council approved the Building Facade Improvement Program and Urban Design Guidelines for Main Streets Community Improvement Plan (CIP) (CR9/2018 PHED 533) adopted through By-law 26-2018.
On November 19, 2018, City Council approved the Ford City Community Improvement Area and Ford City Community Improvement Plan (CIP) (CR625/2018 PHED 603) adopted through by-laws 171-2018 and 172-2018. These By-laws came into effect in January of 2019. In addition, on November 19, 2018, City Council activated the following financial incentive programs from the Ford City CIP:
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Municipal Development Fees Grant Program
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New Residential Development Grant Program
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Building/Property Improvement Tax Increment Grant Program
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Retail Investment Grant Program
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Neighbourhood Residential Rehabilitation Grant Program