The City of Greater Sudbury in consultation with the Downtown Partnership has implemented financial incentive programs to ensure continued investment, restoration and redevelopment in Sudbury’s downtown.
Tax Increment Financing Program
The intent of the Tax Increment Financing (TIF) program is to provide tax relief for a portion of the taxes resulting from increased assessment for development or redevelopment initiatives. This may include the rehabilitation of vacant lots, underutilized or derelict buildings. The TIF allows the downtown property owners/ developers to “capture” additional value in their (re)developed properties. The City of Greater Sudbury will provide a ten year phased program that provides a rebate to the land owner, based on the anticipated increase in the municipal portion of property taxes that will be realized as a result of a redevelopment or improvement to a property within Sudbury’s downtown.
Elimination of Development Charges
The City of Greater Sudbury has eliminated development charges for Sudbury’s downtown. This provides the downtown core a competitive advantage in the area of residential development.
No Requirements for Parking for Commercial Uses
When vacant lands are developed or new uses occupy old buildings, there is no requirement to develop a portion of the site for parking. This provides the developer an opportunity to focus their investment on their business rather than site development. Sudbury’s downtown is currently serviced by approximately 3,600 parking spaces throughout the core area.
DVDC in cooperation with the Downtown Partnership is actively pursuing several incentives to further stimulate private sector investment in the core area including:
- Facade Improvement Program Grant
- Architectural Design Assistance Program
- Building Code Upgrade Grant
- Feasibility Study Grant
- Upper Storey Residential Conversion Grant