“ The development, redevelopment, adaptive reuse or rehabilitation of the building and/or property must result in an annual grant (or tax increment) of at least $500 for properties that are taxed at the “residential” tax rate, or $1,000 for all other tax categor ies.”
This recommended change in the Program Detail is also more inline with what is expected in other areas of the City and what has been approved for the Downtown Windsor Enhancement Strategy and CIP . For illustrative purposes, the table below identifies the difference in changing the minimum annual grant amounts (over a 10 year period) for properties taxed at the “residential” tax rate, and for all other tax categories (i.e. commercial and industrial).
ANNUAL GRANT
Existing Program Detail
| Residential Grant ($2,500 Threshold) | ||
|---|---|---|
| Assessed Value | Tax Rate | Property Taxes |
| $100,000 | 0.01622679 | $1,622.67 |
| $254,100 | 0.01622679 | $4,123.23 |
| $154,100 | $2,500.56 | |
| Commercial Grant ($5,000 Threshold) | ||
|---|---|---|
| Assessed Value | Tax Rate | Property Taxes |
| $100,000 | 0.03274263 | $3,274.26 |
| $252,800 | 0.03274263 | $8,277.33 |
| $152,800 | $5,003.07 | |
Proposed Revision to Program Detail
Proposed Revision to Program Detail
Proposed Revision to Program Detail
Proposed Revision to Program Detail
Proposed Revision to Program Detail
Proposed Revision to Program Detail
Proposed Revision to Program Detail
Proposed Revision to Program Detail
| Residential Grant ($500 Threshold) | ||
|---|---|---|
| Assessed Value | Tax Rate | Property Taxes |
| $100,000 | 0.01622679 | $1,622.67 |
| $130,814 | 0.01622679 | $2,122.68 |
| $30,814 | $500.01 | |
| Commercial Grant ($1,000 Threshold) | ||
| Assessed Value | Tax Rate | Property Taxes |
| $100,000 | 0.03274263 | $3274.26 |
| $130,542 | 0.03274263 | $4274.28 |
| $30,542 | $1,000.02 | |
Section 6.1 MONITORING PROGRAM of the Ford City CIP allows for minor revisions to the CIP, including the adjustment of terms and requirements of any of the programs to be undertaken without an amendment to the CIP. As identified in the CIP, such minor changes will be provided to the Minister of Municipal Affairs and Housing for information purposes once this minor revision has been approved by City Council.