ERASE Tax Assistance (ETA) Program
no fixed amount
Tax Credit
Description:
The ERASE Tax Assistance (ETA) Program is intended to reduce the tax increase resulting from the remediation and redevelopment of a brownfield site in order to mitigate costs required to remediate historical environmental contamination on brownfield sites in support of their redevelopment/reuse. The tax cancellation provided under this Program enables brownfield sites to be viable candidates for redevelopment relative to non-contaminated sites, supports the intensification/infill of existing vacant and underutilized sites, reduces the need for greenfield lands to accommodate future population and employment growth, and generates new property tax revenue through increased property assessments.
Comments on Funding:
Under the ETA, 80 per cent of the increase in the municipal portion of property taxes (the tax increment) that results from remediation and redevelopment of a site, or such lesser amount as noted below, will be cancelled annually until the expiration of the earlier of the following:
Six (6) years for business development (commercial and industrial) or 10 years for residential development (including mixed-use residential); or
A value that equals accepted eligible Program costs contained in Section C herein.
Continuous Intake
Eligibility:
Applicants must be:
1. the registered owner of the site with grants only payable to the successful Program Applicant and cannot be assigned or directed to any
other payee unless otherwise provided for in the Program Administration section herein.
2. within the Historically Developed Area as defined through the ERASE CIPA By-law.
Application Steps:
Applicants must:
1. have a pre-application consultation meeting with City
staff in order to determine Program eligibility, proposed scope of work, project timing, etc.
2. submit a complete application to the Economic Development Division prior
to the commencement of eligible works that are the subject of a Program application by email at: johnpaul.loiacono@hamilton.ca
For mailing or in-person delivery of application
fee:
City of Hamilton – Attention: Johnpaul Loiacono
Economic Development Division
Commercial Districts and Small Business Section
71 Main Street West, 7th Floor
Hamilton ON, L8P 4Y5
Documentation Needed:
Applicants must submit:
1. Completed and signed application form
2. A Remedial Action Plan prepared by a Qualified Person
3. A Business Plan for the planned
development
4. Site Plan and architectural drawings for
the planned development
5. Digital copies of all previous
environmental studies for the site
6. An MPAC post-development assessment
estimate for the planned development
Where required – see Section A, 6)
7. Application fee
Other Things to Note:
About the author
Maurice