| Blanchard) for 477 Pelissier Street, Ward 3 | |
| Report S174/2020 - Downtown CIP GrantApplications made by Baker InvestmentsLimited for 101-121 Wyandotte StreetWest, 601 Pelissier Street, 615 PelissierStreet, and 121 Wyandotte Street West ,Ward 3 | $45,000 |
| Report S175/2020 - Downtown CIP GrantApplications made by 531 Pelissier Ltd. for 569Pelissier St., 170 Wyandotte St., 548 VictoriaAve., Ward 3 | $50,000 |
The current uncommitted funds will only cover the requests for Report S173/2020 and Report S174/2020, leaving $5,658 for Report S175/2020.
Staff have reviewed the previous grant approvals under the Downtown CIP and have determined that the application at 0 Victoria Avenue has not moved forward with their development plans for a 120 unit apartment building at the corner of Victoria Avenue and Park Street. This project was approved for $80,000 in grant funds from the City Centre Community Development Planning Fund (Project #7011022) and approved under the Building/Property Improvement Tax Increment Grant Program on June 4, 2018 (CR305/2018). Staff have notified the applicant that the staff are recommending that the $80,000 grant approval be rescinded and they can reapply for Downtown CIP grants in the future (if funds are available) if they wish to proceed with their development plans. The approval under the Building/Property Improvement Tax Increment Grant Program will stay on file. Report S175/2020 will make the recommendation to rescind the approval for 0 Victoria Avenue to make funds available for current projects.
Building/Property Improvement Tax Increment Grant Program
The program provides an annual grant equal to 100% of the increase in municipal property taxes for five (5) years, with the possibility of a five (5) year extension, up to a total of ten (10) years if the project is considered a Catalyst Project.
101-121 Wyandotte Street West, 601 Pelissier Street, 615 Pelissier Street, and 121 Wyandotte Street West Street
| Estimate Property/Building Improvement Tax Increment Grant Calculation 101-121 WyandotteStreet West, 601 Pelissier Street, 615 Pelissier Street, and 121 Wyandotte Street West | |||
|---|---|---|---|
| Year of Grant | Pre Development Municipal Taxes | Post Development MunicipalTaxes | Estimate Value of Grant |
| 1 | $10,543 | $13,542 | $3,000 |
| 2 | $10,543 | $13,542 | $3,000 |