North Bay will use cash incentives to support existing companies and try and lure new investment to the community.
The new Growth Community Improvement Plan (GCIP) offers financial incentives to certain private-sector housing projects and developments on industrial lands, as well as those within the City’s Downtown and Waterfront areas.
Four areas make up the program: the Downtown Target Area, Waterfront Target Area, Housing Target Area, and the Industrial Target Area.
The primary objective in the downtown is to encourage the revitalization of the core.
In order to accomplish this, the goals and priority of projects are:
- Create new, permanent jobs or full-time equivalent positions
- Support infill development
- Improve the physical condition of buildings while providing for new usable space
- Increase the number of residential units
- Increase the number of professional workers
- Maintain or increase property values
- Develop spaces or properties that are currently vacant or underutilized
- Attract shoppers
- Enhance the attractiveness and further develop the vision of the Downtown
- Support the development of the Downtown as a demand generator and tourism destination
- Encourage development that complements the built form and commercial mix in the Downtown
- Support significant private sector investment
The plan was developed and approved prior to COVID-19 but rolled out today. with $800,000 earmarked for the GCIP program.
Examples for the downtown include a public art grant up to $2,500 towards eligible public art, a parking and landscaping grant, parking and transit fee rebates with a three year 50 per cent rebate towards parking or transit passes for new commercial businesses, and a one year 50 per cent rebate towards parking or transit passes for net new residential units.
Also included is a sidewalk patio grant to a maximum of $1,000 towards third party professional fees and up to 100 per cent grant to a maximum of $1,000 towards construction costs
Depending on the project, developments could qualify for incremental tax rebates for up to four years, as well as rebates for municipal fees, development charges, and professional studies.
“The COVID-19 pandemic has underscored the importance of lifestyle and the need to work safely and productively from anywhere in the world, making North Bay that much more attractive to businesses seeking locations outside of larger urban areas,” said Mayor Al McDonald in a prepared news release. “Companies not only have the ability to work remotely, but can offer their employees a more affordable place to live with more space.”
“This will support job growth and economic development through the revitalization of the downtown,” said Coun. Johanne Brousseau, Chair of Council’s Community Services Committee." “This will assist in creating new housing units through the renovation and result in better upkeep in this area.”
