Principal Owners of Baker Investments Limited: Steve Baker, Richard Baker and Larry Warren

Discussion:

Commercial/Mixed Use Building Facade Improvement Grant Program

This program is intended to encourage the redesign, renovation or restoration of commercial and mixed-use building facades in Downtown Windsor by providing a financial incentive to offset some of the costs associated with the improvement of commercial facades.

The program will consist of a grant whereby property owners will be eligible to receive a grant for 50% of the eligible costs of the facade improvements, up to a maximum of $20,000. Where facade improvements are proposed on a corner building, an additional $10,000 in grant funds can be applied for.

Appendix B contains drawings showing the proposed facade improvements and Appendix C contains photograph of the current building. The applicant proposes to repair and replace limestone to match existing and to repoint portions of the facade. Additionally, the applicant proposes to clean the facade. The building is listed (not designated) on the Municipal Heritage Register and all the proposed facade improvements have been reviewed by the Heritage Planner. The grant program promotes the repair and repointing of masonry buildings and cleaning of masonry buildings to preserve heritage properties.

Building/Property Improvement Tax Increment Grant Program

This program is intended to provide economic incentive for the development, rehabilitation and redevelopment of properties in Downtown Windsor. The program provides an annual grant equal to 100% of the increase in municipal property taxes for five years, after the project is completed and reassessed to help offset the costs of rehabilitating and redeveloping properties, as long as such development results in an increase in assessment and therefore an increase in property taxes.

The proposed improvements to the building are anticipated to increase the assessed value and therefore increase municipal taxes. This project qualifies for the Building/Property Improvement Tax Increment Grant and the Financial Matters section of this report discusses the estimated grant amount.

Upper Storey Residential Grant Program

The upper storey conversion grant program is aimed at attracting new investment and interest in converting currently non-residential vacant or underutilized upper storey space to residential units by providing a financial incentive that will be targeted at the costs of converting the space to new residential units. It is intended to stimulate the creation of new residential units on the upper storeys of existing mixed-use buildings.

Property owners will be eligible to receive a grant of $5,000 for every new residential unit created on the upper storey of an existing mixed-use building, up to a maximum of $50,000 per property.