City staff is recommending the new owners of the Petrie Building on Wyndham Street get a $91,000 heritage grant from the city to help stabilize and repair the building's historic facade.
The grant would be from the city's Heritage Redevelopment Reserve and be paid out over 10 years. It is based on additional taxes that the property, located at 15 Wyndham St. N. will generate for the city once it has been restored.
If the eventual property taxes of the project do not meet expected projections, the grant money would be reduced accordingly.
The staff report said the money would be used to "support physical stabilization of the heritage attributes of a landmark building in Guelph's downtown - an architectural showpiece that for many years has needed proper conservation of its historic galvanized metal facade."
It goes on to say that the building's owners are spending over $300,000 to rehabilitate the front facade of the building.
To date the Heritage Redevelopment Reserve has paid out roughly $1.25 million to heritage restoration projects in the downtown core.
The Petrie Project has received previous heritage grant funds for the interior work.
The recommendation goes to the city's Infrastructure, Development and Enterprise Committee on Tuesday.
The Petrie Building is undergoing a complete overhaul that will eventually see a brew pub take over the bottom portion, with a comedy club and gaming cafe proposed for the second floor of it and the building beside it.
