Attracting Development on Vacant Sites and Improvements to Existing Buildings

Attracting new development and investment in existing buildings within the study area has benefits for the surrounding communities and the municipality. The study area is within the existing built up area of the City in a core neighbourhood and making improvements and increasing the usability of existing buildings is a sustainable choice compared to development on the fringe of the City. Additionally, investment in existing neighbourhoods can increase the likelihood of other property owners to make similar decisions about investment in their property, which in turn prevents declining neighbourhoods.

Within the study area there are three large sites that are vacant or provide opportunity for redevelopment. The Attracting development to the area will bring may advantages such as: new investment into core neighbourhoods that will stabilize the neighbourhoods and have spin off effects; increase the municipal assessment and municipal tax base; and providing more housing

will increase the number of people living within the core area of the City. The following three large sites that are prime for redevelopment:

RECOMMENDATION: Offer financial incentives through a tax increment grant program to attract redevelopment of vacant properties.

RECOMMENDATION: Offer financial incentives to cover the cost of municipal development fees for redevelopment of vacant sites or for property/building improvements that will increase the municipal assessment.