2006 Business Development Report - Niagara Falls, Ontario, Canada

2006 Business Development Report24Niagara Falls CityCouncil adopted theHistoric DrummondvilleCommunityImprovement Plan (CIP)(Main & Ferry District)in 2006.Historic Drummondville Community Improvement Plan, (Main & Ferry District)Historic Drummondville Community ImprovementPlan, (Main & Ferry District) was adopted velopment opportunity of other key sites in thea catalyst for private sector investment. Rede-by Council in the Fall of 2006 and was sent to district include vacant sites such as the formerthe Province of Ontario in early January 2007 Coca Cola plant which will encourage the reestablishmentof higher order for commercialfor approval of the plan. The Historic DrummondvilleCIP promotes the re-establishment uses and multi-residential investment intoof a vibrant mixed use area by encouraging the area. There are a series of complementarythe development of a Vintner’s Marketplace municipal actions including streetscape andto replace Sylvia Place Market and the developmentof the Lundy’s Lane Battlefield as an comprehensive package of incentive programsgateway improvements. The CIP includes ahistoric tourist destination. These two key designed to stimulate private sector investmentmunicipally led projects are designed to signal in building, rehabilitation, redevelopment andthe City’s commitment to this area and act as new development in the area.Historic Drummondville Community Improvement Plan Financial ProgramsProgram Type & Description Duration1) CommercialBuilding and FacadeImprovement GrantProgram2) Revitalization GrantProgramAn Implementation Action Plan accompaniesthe CIP which provides the Leadership stepsfor the realization of the plan. Three targetedimprovements being recommended as priorityare: Vintner’s Marketplace, development/promotionof the Lundy’s Lane Battlefield historicsignificance, a tourist destination, and for theimprovement of the connectivity between theHistoric Drummondville area and the FallsviewTourist District.www.niagarafalls.ca/reports/index.asp• Matching grant - 50% of cost of eligible storefront and facade improvement/restoration works, and interior/exteriorbuilding maintenance/improvement• Maximum grant for eligible storefront/ front facade improvement works = $10,000• Maximum grant for eligible interior/exterior building works = $10,000• Maximum grant can be increased by up to $5,000 at discretion of Council• Maximum grant per property is $25,000• Region will match City grant up to a maximum Regional contribution of $2,000 per property• Facade improvements must conform to City approved Design Guidelines• Tax-increment based grant• Eligible projects – development/redevelopment/rehabilitation of commercial, mixed use and residential buildings,vacant properties that results in an increase in assessed value and property taxes• Grant paid annually once project complete, property reassessed and new property taxes paid. Grant paymentscease when total grant equals cost of rehabilitation/redevelopment project, or after 10 years, whichever comes first• Region will match the percentage equivalent of the City tax increase with the percentage equivalent of Regionaltax increase• 10 years, subjectto availability offunding• 10 years, subjectto availability offundingcontinues on following page