Community Growth Grant

Amount:

No Fixed Amount

Type of Program:

Grants

Description:

The Community Growth Grant is available for non-residential and mixed-use development projects that significantly increase the value of an existing property.

Comments on Funding:

Funding will take the form of a grant based on the project’s assessed economic value and administered using a declining scale over a period of 5 years for projects valued less than $5,000,000, and 10 years for projects valued more than $5,000,000.

When It Ends:

Ongoing

Deadline:

Rolling deadline

Eligibility:

The applicant must:

be registered as a Corporation under the Business Corporation Act;
undertake a project for a property which is:

not in a position of tax arrears (all taxes owing shall be paid prior to the disbursement of any fee-related grant);
located in a designated commercial zone within the Town of Riverview (check Schedule “C” on the website);
classified as non-residential use;
considered mixed-use, so long as a portion of the development includes commercial uses within the total developed floor space of the project;

undertake one of the following types of projects on underdeveloped or vacant land:

infill and redevelopment of parking lots, underutilized sites, and buildings;
redevelopment of properties which involves the demolition of commercial, residential, or industrial buildings;
development activity on vacant land not occupied by a main building that can accommodate a new construction or significant addition;

significantly (more than $500,000) improve or enhance the assessed value of the property as per the provincial property assessment.

Application Steps:

complete and submit the prescribed form identified in Schedule “A” to the Town of Riverview prior to the commencement of any works and prior to applying for a building permit;

enter into an Agreement with the Town of Riverview that sets out the conditions of the grant, if successful;

commence the proposed development no later than two (2) years following Town Council’s approval of the grant or the grant will be cancelled.

Documentation Needed:

Applicants must submit:

1
the application form;
2
a business plan, if required;
3
reports, plans, estimates, contracts, and other relevant details as may be required to satisfy the Town with respect to the eligible costs of the project and conformity of the project with the Municipal Development Plan;
4
an annual update confirming that the terms of the incentive are being met.