Tax Increment Equivalent Grant
Availability
Eligible at the following Priority Sites:
- 19 Monck Road
- 28 McMurray Street
- 101 Entrance Drive (Muskoka Foundry)
- Bracebridge Power Centre North
- Bracebridge Power Centre South
- Canyon Court Business Park
- The following resort properties in lands zoned CT – Tourist Commercial:
- Caribou Lodge, High Falls Resort, Inn at the Falls
- Vacant Lands zoned C1 – Office Commercial; C3 – General Commercial Zone/Downtown; and C4 – District Shopping Centre
- Vacant Lands zoned M1 – Business Park; and M2 – General Industrial
Purpose
This program offers grants to property owners whose municipal property taxes have increased as a result of “substantial” development, redevelopment, or rehabilitation of an eligible building or property that would otherwise be considered cost prohibitive by the property owner. The Town will benefit from a portion of the lower-tier municipal tax increase during the grant period, and the full tax increase following the grant period.
Funding Opportunity
Following application approval, the value of the grant will be determined by the Town based on the confirmed reassessed value established by the Municipal Property Assessment Corporation (MPAC). The grant is calculated as the difference between the pre-project and post-project lower-tier municipal taxes. Grants maybe equal to up to 100%of the lower-tier Municipal portion of the tax increase in year one (1), decreasing by 20% in following years for a five (5) year period.
Eligibility
Eligible projects include the substantial development, redevelopment, or rehabilitation of commercial, industrial, and mixed-use buildings/properties that result in a minimum of $500,000 increase in the assessed value of the property. Whether or not a project is considered “substantial” will be determined at the sole discretion of the Town, but will typically include projects involving:
- A vacant property;
- At least 30% of the gross floor area of an existing building is redeveloped;
- Significant infrastructure improvement or reconstruction that results in a minimum of $500,000 increase in the assessed value of the property; and/or
- A significant number of jobs created
Note: Only property owners are eligible to apply for this program.
Contact Us
Town of Bracebridge
1000 Taylor Court
Bracebridge, ON P1L 1R6
Phone: (705) 645 5264