The Finance and Corporate Services Committee approved a request from The Sparks Street BIA Board of Management to expand the Business Improvement Area (BIA) boundary. The BIA proposes to expand west to Bay Street, south to Laurier Avenue and east to Metcalfe Street and along the west side of Elgin Street north of Slater Street.
Under the Municipal Act, Council must approve the request. If it does, the City Clerk will send out a notice of intention to expand the BIA. After the notice is mailed, affected property owners would have 30 days to provide a copy to each tenant of the property who pay all or part of the annual municipal property taxes. Council would not enact a By-law if written objections were received by the City Clerk within 60 days of the notices being mailed and the objectors represent:
- At least one-third of the total number of persons entitled to notice
- At least one-third of the annual municipal property taxes in all prescribed business property classes within the area
The new expanded BIA would establish a 2025 budget of approximately $2.6 million, collected via a BIA levy added to the annual municipal property tax bill. The extra funds would allow the BIA to deliver expanded marketing and programming, create a vibrant commercial district, and improve the overall streetscape aesthetic and visitor experience. If the expansion is approved, staff will bring forward a recommendation to change the BIA’s name to better reflect the expanded boundary.
The Committee approved amendments and updates to the Affordable Housing Community Improvement Plan (AHCIP) that was initially approved by Committee and Council in April. The updates are needed before staff can seek the appropriate approvals before the first TIEG applications by the end of the year.
The changes include:
- Clarifying the reference to the applicable Average Market Rent
- Revising the timeline for applying to the program due to changes resulting from Bill 185
- Setting a deadline of four years for applicants to receive an Occupancy Permit after their CIP application has been approved
- Clarifying wording on program stacking to note that the Affordable Housing CIP TIEG program may not be stacked with other City programs or agreements that incent affordable units, except other CIP initiatives
- Clarifying that the tax grant is specific to the municipal portion of property taxes and does not include reimbursing the schoolboard portion of taxes
- Clarifying that the tax increment is only established once, on the first year following the completion and assessment of the uplift
- Having applicants submit TIEG payment requests and required materials by December 31 of the following year for which the TIEG is requested
- Adding language to require that affordable units be continuously occupied for the 20-year period
There are also minor changes proposed which are for administrative purposes.
Items from today’s meeting will rise to Council on Wednesday, October 16.
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