Start-up and Office Tenant Attraction (SOTA) Program
$450,000
Loan
Description:
The Start-up and Office Tenant Attraction (SOTA) Program is intended to provide
low-interest Loans or Forgivable Loans that will facilitate the undertaking of eligible leasehold
improvements to office space by property owners or authorized tenants in order to support the
creation of new office space and improve the marketability and attractiveness of existing office
space. This Program will serve as a tool to reduce office vacancy rates in Downtown Hamilton
and other eligible commercial areas and serve as a means of attracting new and expanding office
uses and businesses to Hamilton.
Comments on Funding:
Amount: 0% interest Loans up to $450,000, a portion of which may be forgiven for Start-up Businesses and Start-up Incubators
Continuous Intake
Eligibility:
Applicants must be:
1. the Owner registered on title ofthe property that is the subject ofthe Program application or an authorized commercial tenant of said property and who will be undertaking the improvement/development.
2. 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 the Barton
Street and Kenilworth Avenue North Strategic Commercial Corridor CIPAs as collectively defined through the Revitalizing Hamilton’s Commercial Districts Community Improvement Project Area (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 Form
2. Cheque for Administration Fee – payable to City of Hamilton
3. Articles of Incorporation (If applicable)
4. Articles of Amendment (if applicable)
5. List of Officers/Directors (if applicable)
6. List of Shareholders and Percentage Equity (if applicable)
7. Shareholder registry (If applicable)
8. Partnership Documents (if applicable)
9. List of Partners and Percentage equity (If applicable)
10. Explanation of Planning/Building Status i.e. Site Plan, building permit number if issued, drawings.
11. Architectural or design plan (If available, or sketch showing proposed improvements
12. Photos demonstrating state of property prior to construction/renovation taking place. Hard copies of
photos are to be date stamped.
13. Construction budget dated within 6 months of date of application
14. Contracts in Place
15. Details of all Financing (Principal amount, term of the loan, repayment terms, securities required etc.)
16. Accountant Prepared Financial Statements (most recent 2 years and current year- to-date)
17. Business Plan or Financial Forecast
18. Construction Pro-forma
19. Cash flow for the period of construction and the term of the City’s loan indicating anticipated dates
for 50%, 75%, 100% complete.
20. Net Worth Statement (identify existing guarantees pledged for other financial commitments and the
value of the pledge(s)). If owned by an individual, the net worth statement of the individual is
required. If owned by a corporation, the net worth statements of primary shareholder(s) required. If
owned by a Partnership, net worth statements of each partner is required.
21. Copy of Lease between the Applicant and Business Incubator (if applicable)
22. If applicant is other than Owner, Letter of Authorization from the Owner must be included
Other Things to Note:
- All
- Ancaster
- Barton Village
- Binbrook
- Concession Street
- Construction/Real Estate
- Downtown Hamilton
- Dundas
- Economic Development Office
- Hamilton
- Locke Street
- Municipal Government
- Ontario
- Ottawa Street
- Property Development
- Public Sector
- Stoney Creek
- Waterdown and Westdale Commercial Districts; The Mount Hope/Airport Gateway; and the Barton Street East and Kenilworth Avenue North Strategic Commercial Corridors.
About the author
Maurice