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Originally Posted by SteelTown
This is a very interesting move. Looks like the old downtown property tax incentives is getting a makeover and used for the new precinct.
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To be fair, "no monetary contribution from the City" technically does not preclude other concessions (e.g. tax breaks, waived licensing and development fees, the in-kind value of real estate):
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As part of the agreement, the City will be transacting the following City-owned properties to the Precinct Group for the purpose of redevelopment:
The City’s contribution to this agreement is limited to City owned lands in the downtown core, and a new incentive program called the “Downtown Entertainment Precinct Advancement Program”.
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The “Downtown Entertainment Precinct Advancement Program” is to be a tax increment-based program. Under the program:- Grants are provided relative to the actual increase in municipal property taxes that are generated as a result of an improvement and/or development undertaken on a property.
- Grants are provided over a maximum term of 30 annual payments and subject to City Council approval.
- Additional details on the “Downtown Entertainment Precinct Advancement Program” will be provided in a public staff report at the July 6, 2021 Planning Committee meeting.
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Scooping those two parking lots means that they've effectively been granted half of the property bounded by York, Cannon, James and MacNab.
Good to see that Community Living Hamilton is being incorporated into the 191 York component.