The guy who bought the building at John and Augusta is Croatian. Voyo is a super young man who talked to me about the neighbourhood before deciding to buy, and has an excellent business plan for the property.
On 123 James North, (" He says he asked the city for several years for money to help restore the building but was unsuccessful") sometimes things are lost in translation by reporters. I wouldn't count as gospel that he "asked the City for money" because we don't give out money in our Downtown renewal programs. We did meet with Jim on several occasions, outlining what was available but he never made formal application to us for any of them. After those discussions he decided rather than develop, simply to sell the property. Our Downtown Residential Loans Program is just that....not a cash give-away. The Enterprize Program provides for tax breaks upon completion of a building, and our Commercial Property Improvement Grant (CPIG) gives a matching grant for facade improvements. We do provide a limited grant for designated heritage properties Downtown, but 123 James North was not designated. The full list of City incentives is available at
www.myhamilton.ca
under City Departments, Projects and Initiatives, Downtown Renewal. The residential loans program has been an outstanding success, generating almost $200 million dollars in development on about $1.3 million dollars applied to the interest on our loans, which have had zero default.