City introduces NEW financial incentives for downtown development

In recent decades, the risk/reward ratios have been unfavorable to attract private sector interest in mixed-used development projects. DVDC has worked closely with City staff and Council to prioritize new financial incentives designed to attract investment in multi-unit residential and mixed-use development projects in the downtown core.
On November 21st, 2016, City Council approved a new and expanded Community Improvement Plan (C.I.P.) that:

  1. Renames and refocuses the existing Tax Increment Equivalent Grant Program allowing a longer time frame for developers to receive an annual grant back of the full incremental increase in their new municipal taxes.

  2. Establishes a “per door” grant for residential units.

  3. Provides for an Interest Free Loan Program for a period of up to five years.

  4. Establishes a Planning Fee Rebate Program.

  5. Establishes a Building Fee Rebate Program.

  6. Provides for a Feasibility Study Grant Program.

Please contact DVDC for more information on the application process that is presently under development if you are considering investing in a multi-residential or mixed-use development project.

The revised financial incentives program is forthcoming. For information about existing financial incentives please refer to https://www.greatersudbury.ca/inside-city-hall/downtown-sudbury/financial-incentive-programs/

CIP-area-map

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s