Downtown Business Improvement Area (BIA) and Central Business District Zone (CBD) Redevelopment Grant

Amount:

No Fixed Amount

Type of Program:

Grants

Description:

The Redevelopment Grant provides a financial incentive to property owners who rehabilitate and develop adaptive re-use plans for properties or buildings that are contaminated, under-utilized or vacant being located outside of the Downtown Community Improvement Plan area but within the designated Business Improvement Area (BIA) and Central Business District Zone (CBD).

Comments on Funding:

The maximum grant payment to be disbursed under the Program each year cannot exceed the annual incremental revenue generated from the applicant’s property in that fiscal year. Payments of the redevelopment Grant for City Changing Projects valued at over $10 million dollars in building permits with the City, should be paid on an annual basis for up to three (3) years.

When It Ends:

Ongoing

Deadline:

Rolling deadline

Eligibility:

The applicant must:

own a property located within the designated City of Moncton BIA and CBD Financial Incentive Program Area (check Schedule “C”);
be registered as a Corporation under the Business Corporation Act;
own a property that is not subject to any outstanding City work orders;
own a property that is not in a position of tax or BIA levy arrears. All taxes and BIA levies owing shall be paid prior to the disbursement of any payments in relation to the Program.

Eligible Projects under the Program must represent one of following types of projects:

Infill and redevelopment of large surface parking lot, vacant under-utilized site and brownfield area;
Redevelopment of property which involves the demolition of commercial, residential or industrial building with the exception of designated heritage building;
Mixed Use building with integrated underground or structured parking; and
Public Parking Structure.

Application Steps:

Applicants must complete and submit the application form.

Documentation Needed:

Applicants must submit:

1
reports, plans, estimates, contracts and other details as may be required to satisfy the City with respect to the eligible costs of the project and with respect to conformity of the project with the Program;
2
a Business Plan, if required.

Other Things to Note:

Revised: March 21, 2022 - Source 1

Program Contact:

BIA and CBD Financial Incentive Program.pdf

New Brunswick Small Business: Complete Guide for Entrepreneurs

How to Get a Small Business Loan in New Brunswick: Quick Guide for NB Entrepreneurs

Business License New Brunswick: Step-by-Step Guide, Costs & More

Franchise Opportunities in New Brunswick: How to Find Franchises for Sale + Mistakes to Avoid