🏠 | Grant | Revitalizing Hamilton Tax Increment Grant Program

Revitalizing Hamilton Tax Increment Grant Program

Maurice
By Maurice | May 1, 2025

Amount:

no fixed amount

Type:

Grant

Description:

The Revitalizing Hamilton Tax Increment Grant Program (the Program) is intended to provide a Grantto incentivize property owners within strategic commercial districts to develop,redevelop or otherwise improve properties and/or buildings (including designated heritage buildings) in a mannerthat will supportthe broader revitalization ofthe commercial district as well as generate new municipal property tax revenue through increased property assessments.

Comments on Funding:

Amount: As a tax increment-based Program, Grants are provided relative to the actual increase in municipal property taxes that are generated as a result of an improvement/development undertaken on a property. Grants are provided over a maximum term of four annual payments and are subject to City Council approval.

Deadline:

Continuous Intake

Eligibility:

Applicants must:

1. be the Owner
registered on title and who will be undertaking the improvement/development that is the subject of the Program application except where provided for, and in accordance with, Section B, paragraph 24 and 25

2. be within the Ancaster, Barton Village, Binbrook, Concession Street, Downtown Hamilton, Dundas, Locke Street, Ottawa Street, Stoney Creek, Waterdown and Westdale Commercial District CIPAs, the Mount Hope/Airport Gateway CIPA and those properties within the municipal boundary designated under Part IV or Part V of the Ontario Heritage Act as collectively defined through the RHCD CIPA By-law

Application Steps:

Applicants must submit complete application form to the Economic Development Division.

Documentation Needed:

Applicants must submit:

1. Completed Application including payment of Application Fee
2. Articles of Incorporation including current list of Officers and Directors (if applicable)
3. Articles of Amendment (if applicable)
4. Shareholder Registry
5. Partnership Documents and list of partners (if applicable)
6. Explanation of Planning/Building Status i.e. Site Plan
7. Pro-forma for the project
8. 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)
9. Other revenue to be derived from development (e.g. parking revenue or sale of parking stalls)
10. Photos of site prior to start of construction/renovation. Photos to be date stamped
11. Anticipated start date for construction
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. *If applying for an Enhanced Revitalization Project Tax Grant, please include the following:
a. Proof of environmental sustainability certification(s) eligible under this Program; and/or
b. Documentation demonstrating inclusion of building standards with respect to enabling current or future district energy connections (subject to confirmation by Building Division); and/or
c. Documentation demonstrating that the improvement/development 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 that address housing affordability within the city.

Other Things to Note:

Web Page:

https://investinhamilton.ca/tools-data/financial-incentives/municipal-programs/revitalizing-hamilton-tax-increment-grant-rhtig-program/
Maurice

About the author

Maurice
Maurice (Moe) Muise learned the ins-and-outs of government while an employee of the Government of Canada in Ottawa for 10 years. His current focus is helping small businesses in Ontario to identify and maximize government grants to grow their business. Click here to learn more about Moe’s background and how he can help your business.