The principal goal of the Montreal Road Community Improvement Plan (CIP) is to stimulate business investment, urban renewal and property upgrades in the area.
The plan permits the City to provide financial incentives to property owners that will encourage urban renewal, promote the development of cultural assets, support businesses including not-for-profits and cultural organizations, contribute to making the city an attractive and business-friendly environment and encourage investment and expansion.
Such a program in Vanier will help to attract new businesses and support existing businesses and nurture economic growth.
Since the plan promotes revitalization and improvements to quality and variety of market offerings, eligible projects must contribute to a desirable community fabric. Applicants will be required to provide evidence that their project addresses an identified market need.
The plan offers Tax Increment Equivalent Grants for eligible projects. These grants are calculated on the basis of the increase in the property’s contribution to municipal property taxes, resulting from the value created through redevelopment.
The City reimburses property owners a percentage of the increment in the municipal property tax each year for a defined period of up to 10 years, once taxes are paid each year, and all other accounts with the City are in good standing.
The Montreal Road CIP has a variety of focus areas and approaches. While promoting revitalization of the businesses and commercial properties and stimulating business activity and job creation would be the principal priority. In addition, there are other considerations, including improving pedestrian friendliness, accessibility, stimulating cultural assets, assisting Social Enterprise and stimulating development of Affordable Housing
Details for the Montréal Road CIP Program Include:
- Financial incentive in the form of a Tax Increment Equivalent Grant (TIEG) to property owners
- Annual TIEG: equal to 75 per cent of municipal tax increase attributable to the redevelopment