The Business Retention & Expansion Grant is aimed to help industrial and commercial businesses grow and thrive by enhancing their property through addition or significant renovation while stimulating the local economy. It is a four-year annual rebate equal to 100% of the general municipal tax portion of the Incremental Assessed Value of the property in the first year, decreasing by 25% annually for three additional years.
Fees and Timelines
Applications are open July 28, 2021 and are available until 4:00 PM, December 30, 2025. Applications are processed on a first-come, first-served basis and will be accepted until funds are fully assigned or the program is closed.
- To be eligible to apply, the project must be an expansion of existing commercial or industrial businesses through addition or renovation with a minimum taxable assessment increase of over $1,000,000 and which increases assessed value by a minimum of 25% or;
- Commercial or industrial demolition, infill, or adaptive reuse of vacant or under-utilized land/buildings with a minimum taxable assessment increase of over $1,000,000 and which increases assessed value by a minimum of 25%.
- No construction can be performed prior to signing a Reimbursement Agreement with the City.
- Contact the Program Coordinator to discuss your project, assess your eligibility and review the application process.
- Prepare an application ensuring the project will comply with all permit requirements, Provincial Building Codes, applicable statutory plans, City’s Land Use Bylaw C-1260 and all other relevant Bylaws.
- Submit a completed application to the Program Coordinator via email to: email@example.com