Tax Increment Equivalent Grant
The Planning Act permits municipalities to designate community improvement project areas and adopt community improvement plans. The Community Improvement Plan has the intent of improving an area of Town.
Additionally, as a part of the above exercise, a tax equivalent grant may be provided. A tax increment equivalent grant is a form of financial assistance equal to all or a portion of the municipal property tax increase within the community improvement area. It allows municipalities to provide grants or loans to offset eligible remediation and redevelopment costs.
The eligible costs for the grant include:
- The costs of environmental remediation
- The costs of placing clean fill and grading (as required related to the environmental remediation)
- The costs of a Phase II Environmental Site Assessment or a Site Specific Risk Assessment
- The costs of removing structures where the structure would impede the ability of the property to be successfully remediated
- The costs of financing (interest charges) of preparing the studies and undertaking the rehabilitation
- The cost of an insurance premium to guarantee the remediation will be completed.
Town staff would be pleased to speak with you further about this program.