City administration presented to the Infrastructure and Economic Development Committee about a potential new grant program to support strategic investment in industrial, commercial, and residential areas.

The program is aligned with the City’s investment attraction strategy and is an innovative and competitive program to support growth and development in the City for years to come.

The program is proposed to provide a long-term benefit to the community by creating economic stimulus and expanding the tax base over ten years.

As proposed, the $10.5 million program does not impact the City’s budget as it would be primarily self-funded through a rebate program. Approximately $1.3 million is proposed to be reallocated from existing economic development grants and incentive programs to maximize overall impact on investments in the community.

The proposed Development Incentives and Grants Program consists of five matching grants and tax rebates.

Business:

• New Business Development Grant
• Business Retention & Expansion Grant
• Business Revitalization Grant

Residential:

• Residential Infill Grant
• Municipal Fee Rebate

The Infrastructure and Economic Development Committee has recommended the proposed program be sent to the next council meeting for further deliberation.