Barton / Kenilworth Tax Increment Grant (BKTIG) Program
no fixed amount
Grant
Description:
The Barton/Kenilworth Tax Increment Grant Program is intended to provide a Grant to incentivize property owners located along the Barton Street East and Kenilworth Avenue North commercial corridors to develop, redevelop or otherwise improve properties and/or buildings (including designated heritage buildings) in a manner that will support the broader revitalization of these districts as well as generate new municipal property tax revenue through increased property assessments.
Comments on Funding:
Continuous Intake
Eligibility:
Applicants must be:
1. within the Barton Village Commercial District CIPA, the Barton Street East and Kenilworth Avenue North Strategic Commercial Corridor CIPAs and properties within the Downtown Hamilton Commercial District CIPA which front on Barton Street East between James Street North and Victoria Avenue North as collectively
defined through the RHCD CIPA By-law.
2. Any portion of a project consisting of renovations to residential rental units shall not be permitted under this Program except where at least one of the following exceptions are met to the satisfaction of the City:
a. There has been no residential rental tenant displacement. Applicants shall be required to submit supporting documentation that demonstrates residential rental tenants have not been displaced. Documentation required to be submitted, and the acceptance of such documentation in terms of satisfying this condition, shall be at the discretion of the City;
b. The project has been approved for financial assistance under a Canada Mortgage and Housing Corporation (CMHC), Federal, Provincial or City program for the purposes of creating residential rental housing to address housing affordability in the city;
c. The existing building has been entirely vacant for at least two years prior to a program application being submitted to the City (not including periods of vacancy due to renovations); or
d. The property owner and program applicant are a registered not-for-profit organization.
3. shall not apply to a currently operating or proposed adult entertainment parlour, body rub establishment, correctional facility, corrections residence, emergency shelter, lodging house or residential care facility as defined in the applicable Zoning By-law or to a property where a designated heritage building has been demolished.
4. shall not apply where the improvement/development does not generate an increase in municipal property taxes.
Application Steps:
Applicants must submit complete application form to the Economic Development Division.
Documentation Needed:
Applicants must submit:
1. Completed Application
2. Payment of Application Fee
3. Articles of Incorporation including current list of Officers and Directors (if
applicable)
4. Articles of Amendment (if applicable)
5. Shareholder Registry
6. Partnership Documents and list of partners (if applicable)
7. Explanation of Planning/Building Status i.e. Site Plan
8. Pro-forma for the project
9. Appraisal Based Upon Value of Completed Project (performed by an A.A.C.I) to include replacement cost; dated within 6 months of the date of application and
addressed to the City of Hamilton (if available)
10. Other revenue to be derived from development (e.g. parking revenue or sale of parking stalls)
11. Photos of site prior to start of construction/renovation. Photos are to be date
stamped.
12. Certified true copy of a resolution of the Board of Directors of the Owner
(certified by an officer of the corporation) that authorized the Grant Application.
13. Anticipated start date for construction
Other Things to Note:
About the author
Maurice