Earlier this year Chatham-Kent Council expanded access to over $385,000 in funding that finances incentives to encourage private sector investment in neighbourhoods throughout Chatham-Kent. The incentives are an investment in our communities and stimulate private sector investment in commercial neighbourhoods and once again in our downtowns and main street areas.
The Downtown Financial Incentive Program provides financial incentives to encourage private-sector investment in 13 downtown communities throughout Chatham-Kent. The program began in 2004 and ran for a period of 10 years and due in part to its success, is once again accessible.
“Stimulating investment through financial incentive programs are a highly effective way to rekindle interest in areas that otherwise, may not improve.” Over the ten year period, a total of 147 applications were funded, incentivizing approximately $2M of investment by the private sector. In addition out of the 147 applicants, there were a few eligible projects that received a 5 year property tax rebate on the increased assessment. The investment ratio calculation basically is the equivalent to every dollar of improvement incentive, private property owners are investing approximately four dollars and forty cents.
In 2012 Chatham-Kent Council began a new incentive program, the Commercial Financial Incentive Program. The Commercial incentive program provides financial incentives to encourage private sector investment in 11 commercial neighbourhoods throughout Chatham-Kent.
Further information is available by following how Community Improvement Planning funding will leverage $385,000 this year, visit the Business tab on the municipal website. The CIP fund now include access to both the Downtown & Commercial financial incentives.
Proposed work must meet all the eligibility requirements and meet or surpass the urban design guidelines.
For more information, contact:
315 King Street West
Chatham, ON N7M 5K8