That a Barton / Kenilworth Tax Increment Grant Program application submitted by Gibson Lofts Ltd. (Harry Stinson), for the property at 601 Barton Street East, Hamilton, for a Barton / Kenilworth Tax Increment Grant Program grant estimated at $2,306,083.06 over a maximum of a nine-year period, and based upon the incremental tax increase attributable to the redevelopment of 601 Barton Street East, Hamilton, be authorized and approved in accordance with the terms and conditions of the Barton / Kenilworth Tax Increment Grant Program
http://hamilton.siretechnologies.com...7075607754.PDF
The Barton / Kenilworth Tax Increment Grant Program (BKTIGP) application for the redevelopment of 601 Barton Street East, Hamilton, was submitted by Gibson Lofts Ltd. (Harry Stinson). The applicant proposes to convert the former Gibson School building into 97 condominium units, six live-work units, ten townhouses and commercial space.
Development costs are estimated at $15,000,000 and it is projected that the proposed redevelopment will increase the assessed value of the property from its current value of $1,635,000 to approximately $30,400,000.