Ontario Rd. property owner wants to tap CIP

Welland city council Tuesday will consider a $17,000 grant for a building owner to improve his Ontario Road property.

A report from city staff said the owner of 57 Ontario Rd., just east of Iron Street, wants to renovate the vacant building by replacing its foundation and redoing four existing apartments. The building also has one commercial unit.

A staff report said the owner applied to the city’s Downtown and Health Wellness Cluster Community Improvement Plan application through its tax increment grant program. The program provides an annual grant equivalent to 80 per cent of the increase in city and Niagara Region property taxes that result from the project for up to the next 10 years, the report said.

City staff estimate the grant at $17,236.32 over that period and said the city’s contribution would be approximately 50 per cent. The Region must confirm its participation in the program for it to apply to the property.

Renovation work on the apartments can’t begin until a grant agreement between the city and property owner has been reached.

Council will hear the proposal meets the purpose of the community improvement program by stimulating private-sector investment in the area.

“This financial incentive will help offset the costs of development of this property. Renovating this building will increase the municipal tax base and provide housing opportunities for individuals,” the report said.