No Fixed Amount
Type of Program:
The Brownfield Development Grant Program promotes redevelopment of qualified properties by helping cover some of the remediation costs. The available Brownfield Development Grant is calculated based on property tax increment values. The difference in taxes is used to provide a grant to the applicant for three years as a measure to offset remediation costs that were incurred. A brownfield is an idled or under-used industrial or commercial property where redevelopment is complicated by environmental concerns. The grant program duration is three (3) years, pending continuing to meet program guidelines.
Comments on Funding:
Funding is a grant calculated based on property tax increment values.
When It Ends:
Applicants must meet the following conditions:
complete the environmental assessments, indicating the condition of the site and work required to remediate, redevelop and provide an adaptive reuse;
submit the application for the Brownfield Development Grant prior to development approvals and permits issued (the program takes affect after the site has been remediated and re-assessed);
pay applicable property and business taxes each year by due date (once accounts are in good standing, a grant will be issued each year for the difference between the base property tax bill at the time of application and the re-assessed property tax bill for the duration of the program).
No specific documentation has been identified.
Other Things to Note:
All applications are subject to Council approval.
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