Grants to clean up Rideau Centre, ByWard Market ahead of development get committee OK
By Carys Mills, Ottawa Citizen February 4, 2014
OTTAWA — Ottawa’s finance committee has approved millions of dollars in grants to help developers clean up contaminated or deteriorated areas — also known as “brownfields” — at the Rideau Centre and ByWard Market.
The grants help companies clean up areas where developers want to build. In exchange, the development means the city gets a boost in property taxes.
Three such grants were quickly carried by the committee at its brief meeting Tuesday with no discussion. One is for Claridge Homes’ controversial hotel development on Dalhousie Street, which will get about $1.85 million over a decade, and which should be recouped by new tax growth within a year.
Cadillac Fairview will receive no more than $3.2 million over a decade for an expansion of the Rideau Centre. Through new tax growth the grant is expected to be recovered within two years.
The last grant is for less than $445,776 over a decade, toward a hotel and residential development at 199 Slater St. The grant is expected to be recovered by taxes within a year.
Each of the sites has residue requiring cleanup, including petroleum-based products, heavy metals, hydrocarbons and volatile organic compounds.
Now that the finance committee has carried the grants motions, they will go to council for final approval.
cmills@ottawacitizen.com
twitter.com/CarysMills
© Copyright (c) The Ottawa Citizen
http://www.ottawacitizen.com/busines...875/story.html