The Benefits of Developing In a Community Improvement Plan
A community improvement plan (CIP) is a way for municipalities to direct funds and implement policy initiatives towards a specific project. Niagara community improvement plans offer a number of beneficial grant opportunities, not only to encourage new land development but to also stimulate the revitalization and rehabilitation of existing buildings.
Revitalization Grant Program
The Revitalization Grant Program provides financial incentive through a grant to encourage rehabilitation, redevelopment, infill and intensification projects as part of the Downtown Fonthill and Downtown Fenwick Community Improvement Plans.
The Revitalization Grant benefits not only property owners but the Town as well. As properties are redeveloped and updated the Town sees higher commercial valuation assessments, resulting in higher municipal property taxes.
Reimbursement of Property Taxes
The program, available to owners of properties and tenants with authorization from owners within the eligible areas, receive grant funding on a “pay-as-you-go” program style. Initial revitalization and redevelopment costs must be covered by the owner. After the project is completed, the municipality must receive increased property taxes that can be attributed to the revitalization. If this is the case, the Town will reimburse the owner the equivalent of 70% of the municipal tax increment for up to 10 years.
1518 Pelham Street
An incredible opportunity that benefits from the Niagara community improvement plan’s revitalization grant agreement are nestled in the heart of Fonthill. 1518 Pelham Street is an investment property in the Fonthill Commercial Core, which joins a number of new local area developments to benefit from the Town of Pelham’s CIP.
This current property owner holds a revitalization grant agreement with the Town of Pelham for a 10-year term, to be transferred to the buyer upon successful completion of a sale. As per the Pelham CIP, the grant funds will advance on the condition that municipal property taxes have been paid in full for a minimum of one year after taxes have been levied based on the new assessment.
Welland to Gain a Sophisticated New Indoor Farm
Welland’s industrial park is gaining a new agricultural facility. The facility, designed for the production of romaine lettuce, arugula, kale and basil, is being opened by Intravision Greens. Intravision Greens is gearing up to begin building, eyeing a 2019 open date.
A Highly Sophisticated Development
Niagara Holdings, a business group headquartered in Ontario, has entered into a development agreement with Timbro Construction to build a 20,000 sq ft. industrial facility in the city of Welland. The facility marks a first for the Canadian agriculture industry, as it will house one of the most sophisticated and automated indoor farms in the world.
Intravisions Greens Canada, operating under the parent company of Intravision Group Norway, leads the agriculture industry as a provider of high-tech farming solutions, using broad spectrum lighting and full system integration. The facility is designed for high-volume production that will be unique within the Niagara agriculture landscape.
Choosing Farm Land in Welland
Intravisions Greens Canada eyed the city of Welland due to the enormous economic benefit. With a central location and prime access to a number of key markets both in Canada and the US, business-friendly incentive programs such as the Gateway Community Improvement Plan and the Niagara Foreign Trade Zone make Welland the perfect location for this new indoor farm.
The plan was unveiled at a groundbreaking ceremony in Welland, attended by prominent city officials, as well as the President of Niagara Holdings and President of Intravision Greens Canada. When asked about the reasons for selecting Welland, Amin Jadavji, President of Intravision Greens Canada, responded: “The location in Welland, with its ability to scale up rapidly, it’s green and clean environment and close proximity to several key markets, is of considerable strategic value.”
What Does This Mean for Niagara?
The development of the new and unique indoor farm in the city of Welland is a highly promising development for Niagara agriculture and Niagara development. This development is one of several new businesses joining the industrial block in Welland, with the General Electric plant to begin operating soon, and Northern Gold Foods on the horizon. All provide major economic benefits and will be major employers in the Region.