What we do
The City implemented three long-term redevelopment Tax Increment Based Grant redevelopment programs as part of the Downtown Community Improvement Plan (CIP), the Brownfield CIP and the Heritage Conservation Program. These programs promote and incent redevelopment of properties in the city that are important to meet City objectives but where the cost to do so is prohibitive from a private sector perspective.
Why we do it
The redevelopment incentives can have a broad impact on many of the City’s Strategic Plan priorities, including Sustaining Our Future with the cleanup of a brownfield site, or Working Together for our Future with the reactivation of otherwise underutilized properties from a fiscal perspective. However, the primary benefit of these programs supports the Powering our Future priority by accelerating economic prosperity, attracting new business to Guelph and fostering innovation.
2021 to 2024+ initiatives
- Continued execution and implementation of the redevelopment grant agreements currently in place from the original $33 million, 10-year incentive program.
- Update the redevelopment financial strategy upon the completion of the Downtown CIP review.
Operating budget—Revenues and expenses
2021 budget impacts
Council approved a one-time reduced transfer to the Redevelopment Incentive Reserve of $2,000,000 and redirected $1,500,000 to the City Building Reserve and $500,000 to the 100RE Reserve.
2022 to 2024 budget impacts
$325,000 net increase in budget for the planned final step to a total annual $3.5 million redevelopment incentive contribution.