Amount:
No Fixed Amount
Type of Program:
Grant
Description:
The Rehabilitation Tax Increment grant reimburses (or rebates) the developer an annual grant equivalent to all or part of the municipal portion of the tax increase, to recover the cost of remediation. The developer pays the full cost of redevelopment as well as the annual increase in property tax.
Comments on Funding:
Funding is a grant equivalent to all or part of the municipal portion of tax increase.
When It Ends:
Ongoing
Deadline:
Rolling deadline
Eligibility:
Applicants must:
Applications Steps:
Application steps:
Consultation Meeting
Concept Plans and estimates
Submit application
Funding approval
Documentation Needed:
Applicants must submit with their application:
- 1rehabilitation plan/budget and work plan;
- 2Site Plan and or floor plans for renovation/rehabilitation;
- 3estimate of site conditions and costs of remediation (from a qualified environmental consultant);
- 4evidence of suspected/potential site impairment or actual (evidenced) environmental contamination, as evidenced by existing ESA’s, on the property (please attach available reports/documentation – e.g. Phase I ESA and greater, if available;
- 5a Letter of Authorization from the registered owners indicating support for the subject Applicant(s) to proceed accordingly, if the Applicant(s) are not the registered owners of the property subject to this Brownfields Program Application.
