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Old Posted Sep 18, 2009, 1:34 PM
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SteelTown SteelTown is offline
It's Hammer Time
 
Join Date: Mar 2004
Location: Hamilton
Posts: 19,872
Hmm never knew you could get a grant for brownfield cleanup for coffee spill haha. No apparently the land used to be a gas station from the 60s and 70s. Tim Hortons took over in the 80s.

Environmental Remediation and Site Enhancement (ERASE) Redevelopment Grant Application (ERG-09-02) – Urban Core Developments Inc., 427 Aberdeen Avenue, Hamilton (PED09257) (Ward 1)
http://www.myhamilton.ca/NR/rdonlyre...257REVISED.pdf

The application qualifies for an ERASE Redevelopment Grant as a result of required environmental site remediation in order to permit construction of a 6.5 storey residential building encompassing 42 condo units and a roof top garden.

The Grant application is for $157,300 in eligible environmental site remediation costs. Estimated project construction costs are $7,000,000. It is estimated that the proposed development will increase the market value assessment (MVA) on the site from its current $341,500 to approximately $4,200,000. This will increase total annual property taxes generated by this property. The municipal share of this property tax increase (municipal tax increment) will be approximately $46,996 of which 80% or approximately $37,597 would be paid to the owner in the form of an annual grant for approximately five (5) years up to an amount not to exceed total estimated clean up costs eligible for ERASE of $157,300.
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