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 Staff have notified the applicant that the staff are recommending that the $80,000 grant approval be rescinded and they can reapply for Downtown CIP grants in the future (if funds are available) if they wish to proceed with their application. The approval under the Building/Property Improvement Tax Increment Grant Program will stay on file.

This report recommends that Council 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.

Estimate Property/Building Improvement Tax Increment Grant Calculation 569 Pelissier St., 170Wyandotte St., 548 Victoria Ave.
Year of Grant	Pre Development Municipal Taxes	Post Development MunicipalTaxes	Estimate Value of Grant
1	$11,340	$231,961	$220,621
2	$11,340	$231,961	$220,621
3	$11,340	$231,961	$220,621
4	$11,340	$231,961	$220,621
5	$11,340	$231,961	$220,621
		Total Grant Estimate Year 1-5	$ 1,103,105
6	$11,340	$231,961	$220,621
7	$11,340	$231,961	$220,621
8	$11,340	$231,961	$220,621
9	$11,340	$231,961	$220,621
10	$11,340	$231,961	$220,621