You are here

Financial incentives package all ready to go

Category: 

In a further effort to promote property development and revitalization in Fort Frances, the town and Rainy River Future Development Corp. have worked together in recent months to re-tool the Community Improvement Plan and now are ready to offer financial incentives.

In a report to council Monday night, the three following programs were outlined:

•Property Value Revitalization Program

This program is designed to stimulate new development, as well as redevelopment of vacant and under-utilized lands and buildings. It includes three grants: a residential renovate and rebuild grant, a residential demolition grant, and a multi-residential/commercial renovate and rebuild grant.

The residential renovate and rebuild grant will provide a 50 percent reduction on waste disposal fees for any demolition or other municipal services up to 50 percent of the value of the approximate taxation increase resulting from the improvements, and a 25 percent reduction by grant in lieu of taxes each year, for two years, after the completion of improvements.

The residential demolition grant will provide a 50 percent reduction on waste disposal fees for any demolition up to a maximum of $500 ($1,000 total expense).

The grant will be provided for only 50 percent of services purchased.

The multi-residential/commercial renovate and rebuild grant will provide a 25 percent reduction on waste disposal fees for any demolition or other municipal services up to 50 percent of the value of the approximate taxation increase resulting from the improvements, and a 25 percent reduction by grant in lieu of taxes each year, for two years, after the completion of improvements (increased value portion only).

•Diversification Development Program

This program is designed to encourage growth and stabilization in both jobs and municipal tax revenue for the community.

The diversification development grant will provide a 25 percent reduction on waste disposal fees for any demolition or other municipal services up to 50 percent of the value of the approximate taxation increase resulting from the improvements.

This will be calculated by establishing an appraised value range within $25,000 of the increase in taxation. This amount will vary dependant on the property taxation class and changes in that class that may be adjusted based on the property improvement.

It also will include a tax incremental finance grant over three years (increased value portion only).

The amount is 75 percent of the realty tax increase for the first year, 50 percent in the second year, and 25 percent in the third year.

•Brownfields Development Program

A joint-program of the province and town, it is designed to encourage brownfields development.

Brownfields are abandoned or under-used industrial and commercial facilities where expansion or redevelopment is complicated by real or perceived environmental contaminations.

The brownfields development grant will provide a 50 percent tax reduction by grant in lieu of taxes. This amount will apply to the increased value only.

It will begin once the redevelopment is completed and continue up to five years, to a maximum of 50 percent of the cost of the remediation.

The grant also will provide a 25 percent reduction on waste disposal fees for any demolition or other municipal services up to 50 percent of the appraised value of the increase of taxation improvements to commence after the application is approved by the Town of Fort Frances.

The eligibility requirements for the programs are available through the town, and the RRFDC is developing brochures with information on each of the programs.

“This is an economic development package we put together with the Rainy River Future Development Corp. and I think it’s a very positive thing for the community,” Mayor Roy Avis said Monday.

“So anybody considering building this summer, or trying to stimulate the economy here, they can do so by checking with the administration, and they’ll give them all the information regarding this plan,” he added.

For more information, contact the town at 274-5323.

Twitter icon
Facebook icon
Google icon
LinkedIn icon
Pinterest icon
Reddit icon
e-mail icon