FINANCIAL INCENTIVE PROGRAMS

The following section outlines the financial incentive programs that have been developed to deliver the objectives of the community improvement. Included in this section are definitions for terms that are used in the CIP Financial Incentive Programs section, including the general and program specific requirements.

The clear relationship between the financial incentive programs and the CIP’s objectives demonstrates the public benefit that can result from offering publicly funded financial incentives to stimulate private sector investment period the financial incentive programs are targeted at the sectors and type of projects that will contribute to the ongoing vitality and reinvestment in the Wyandotte St West and University Ave West corridors, while providing a financial return on investment in form on going property taxes to the city over the long term.

To this end, applicants must demonstrate to the satisfaction of the City of Windsor that the development clearly serves the public interest and that there is a proven need for financial incentives in order for the project to move forward. Unless otherwise delegated to city staff, City Council will act as the final approval authority for the financial incentive programs and be the ultimate judge of a project’s contribution to meeting the objectives CIP and its need for financial incentives.

In addition to outlining the eligibility criteria and requirements for the financial incentive programs, the program descriptions include the necessary safeguards to ensure that the city’s interests are protected, including realizing the requisite public benefit derived from the incentives.

General Program Information

Definitions

This section provides the definitions for terms that are used in this CIP and are intended to explain the meaning of a term for the purpose of this CIP:

Adaptive reuse: Is the process of adapting old buildings or infrastructure by development, redevelopment, rehabilitation and/or construction for the purposes of using them for new eligible uses.

Administration (or City Administration): Includes the Chief Administrative Officer and all staff employed by the Corporation of the City of Windsor.

Affordable Housing Units(s): means a residential unit that meets either the definition for Affordability for Home Ownership or Affordability of Rental Housing.

Affordability for Home Ownership: means the least expensive of : 1) housing for which the purchase price results in annual accommodation costs which do not exceed 30 percent gross annual household income for low and moderate income households; or 2) housing for which the purchase price is at lease 10 percent below the average purchase price is at lease 10 percent below the average purchase price of a resale unit in the regional market area.

Affordability of Rental Housing: means the least expensive of: 1) a unit for which the rest does not exceed 30 percent of gross annual household income for low and moderate income households or 2) a unit for which the rent is at least 20% below the average market rent of a unit in the regional market area.

Applicant (or Applicants): may include registered owners, assessed owners and/or tenants of land and buildings within the community improvement project area, and to any other person to whom such an owner or tenant has assigned the right to receive a grant.

Assignee (or Assignees): is a person to whom an owner or tenant has legally assigned the right to receive a grant and/or loan pursuant to this CIP.

Base Rate: is the total amount of municipal taxes payable in the calendar year that City Council approves the financial incentives for the eligible works. The Base Rate may be reduced to reflect a vacancy tax rebate where such a rebate was issued for the previous tax year and the subject property, or a portion thereof, is vacant at the time of an application.

City (or The City): is The Corporation of The City of Windsor.

City Council (or Council): is the legislative body that governs the business and affairs of the Corporation of the City of Windsor. It includes the Mayor and Ward counselors.

City Planner: is the position of “City Planner” within the Corporation of the City of Windsor’s organizational hierarchy.

Construction: is the erection or physical improvements of the whole or any part of a building or structure for the purpose of development, redevelopment, rehabilitation and or adaptive reuse.