At the June 18, 2018, Chatham-Kent Council meeting, members of Council unanimously voted to commit an additional $250,000 towards two existing Community Improvement Plan (CIP) programs called the Downtown and Main Street CIP and the Commercial CIP.
The financial incentive programs help businesses across Chatham-Kent update their buildings and storefronts to further build positive activity in downtowns and commercial areas.
In 2017, the Municipality approved nearly $420,000 in downtown and commercial area improvement grants.
As a result, businesses invested over 2.5 million dollars in upgrades to downtown and main street properties throughout Chatham-Kent.
So far in 2018, the Municipality has allocated $150,000 in improvement grants resulting in over 2 million dollars in downtown improvements.
The new funding commitment by Council will help to ensure that additional investment applications can move forward this year.
“For qualifying projects, there are four basic program groups with financial incentives: rebate programs which include planning and building fee rebates; tax grant programs; revitalization programs that allow for things such as façade improvements, cafés, patios, display areas and court yards, residential conversion and rehabilitation; and studies and design programs,” said Bruce McAllister, Director of Planning Services.
Since the Municipality began committing funding for business improvements in 2004, over 160 applications have been approved and funded. This financial commitment has ensured that a diverse selection of 24 commercial neighbourhoods across the Municipality have benefited.
“The funding commitment provides an important incentive to encourage investment in Chatham-Kent downtown and commercial areas,” said Geoff Wright, Economic Development Officer.
“The incentives have proven to be successful and we are encouraged by the number of business people that are taking advantage of the programs right across Chatham-Kent”.
For more information about financial incentive programs, please contact Planning Services at 519-360-1998 or email ckplanning@chatham-kent.ca.
