Owners of a condo development in The Ward will be getting a $1.7 million grant to help maintain and enhance the development’s heritage aspects.
The money comes in the form of tax breaks over a 10-year span.
The former Northern Rubber Co. at 120 Huron St., on the corner of Alice Street and Huron Street, is to be converted into 87 condominiums. Also planned are 59 cluster townhouses on the adjacent lot.
The cost of the conversion of the building into condominiums is placed at $28 million.
"This is an amazing infill development. It's going to look beautiful," said mayor Cam Guthrie at Monday night's planning meeting where staff recommendation for the grant was approved by council.
Guthrie said 120 Huron St. is "exactly the type of development" the city needs.
Ward 1 councillor Bob Bell reminded council, and the public, that lest someone think this is "just a developer trying to get a free ride," it sould be noted the efforts made by the developer.
"I don't think we can get 120 Huron done to the level the community would like to see unless we forgive some taxes in the future," Bell said.
The development, once finished, is expected to bring the city $2.74 million in development charges and $488,000 annually in property taxes.
The funds will come through the city’s Redevelopment Incentive Reserve Grant.
That reserve grant provides funds to help pay for heritage retention, enhanced design elements so the new work is compatible with the heritage elements and for consultants regarding retaining and adapting heritage elements.
They only get the money if the property taxes increase as expected.
They are not allowed to use the funds for new construction or restoration of buildings with no heritage elements.
The property will also become a designated heritage property.
The fund does not currently contain enough money for the grant, but council has been asked to continue its current contributions to redevelopment incentive reserves which would cover the grant for 120 Huron St.
Since 2002 a total of $3,460,069 has been awarded in tax-based grants supporting heritage conservation, most recently $1.2 million towards heritage elements of the Meltalworks development on Arthur Street.
Other projects that have benefitted include the Petrie Building, the Gummer Building and the Mill Lofts on Ontario Street.
