The Development Incentive Program exists to encourage property owners in Business Improvement Areas to invest in higher density residential and/or commercial development through financial incentives, in order to assist in the revitalization of main street commercial areas.
Financial incentives may be provided to property owners who invest in new development, redevelopment, and/or conversion of their properties for Mixed-use, Multi-unit Residential, and/or eligible Retail and Commercial Use Storefront occupancy.
Available Financial Incentives
All available funds for 2016 have now been committed. If you would like to be added to our waiting list, or have further questions, please contact the Program Manager.
The following Development Incentive Program financial incentives may be available to property owners in Business Improvement Areas:
Multi-Unit Residential Development
- A reimbursement grant of $12,000 per new dwelling for a mixed-use, market housing* project, to a maximum of 36 new dwellings, that creates new dwellings located above eligible ground floor (or both ground and above ground floor) retail and commercial use occupancy.
- A reimbursement grant of $7,000 per new dwelling for a multi-unit market housing* project, to a maximum of 36 new dwellings, that creates a minimum of 10 new dwellings.
*Market housing is all housing that is produced through no direct capital and/or operating subsidies from any order of government. Market housing is inclusive of Market Affordable Housing, defined as Market housing that is produced for occupancy by moderate-income households that can be achieved through flexibilities in municipal land use regulation (reduced parking, increased density) but through no direct capital and/or operating subsidies from any order of government.
Retail and Commercial Business Interior Improvements
A reimbursement grant up to 50% of construction costs for building interior improvements to a maximum amount of $20,000 per retail and commercial use building that has had a ground floor vacant retail and commercial use storefront(s) for at least 6 months immediately prior to application to the program and is occupied by an eligible new retail and commercial business.
New Retail and Commercial Building Development
A reimbursement grant equal to the amount of 10% of the total construction value to a maximum amount of $50,000 per new retail and commercial use building that has a minimum construction value of $250,000, is a minimum of two storeys, and has eligible ground and above ground floor retail and commercial use occupancy.
How to Apply
The Development Incentive Program Application Requirements provide a detailed summary of the program's eligibility criteria, design guidelines and eligible improvements. Interested property owners are encouraged to contact the Program Manager for assistance in preparing an application.