It appears the new owners of 10 Carden Street have initially struck out in their attempt to get financial help from the city through a community bond.
In March 10 Carden Shared Space Inc., which has bought the old Ackers Furniture building on Carden Street and is turning it into a hub for non-profits and community groups, had asked the city to help finance the project by purchasing a $50,000 community bond.
After putting the request through the legal and legislative meat grinder, city staff is informing council that legislation does not permit municipalities to invest in such bonds.
Staff said provincial legislation prohibits the city from investing in a bond from a non-profit group like 10 Carden unless it is secured by a bank.
"There is little possibility that the bonds would be rated or secured by a Schedule 1 or 2 bank," says a staff report heading to the city's Corporate Services Committee on Wednesday.
Staff said it had worked with 10 Carden and its financial institution but couldn't solve the issue.
Staff did say that the possibility of a community improvement grant of some kind might be possible in the future after the city has finished an ongoing review of its incentive program.
That could happen next year.
"While staff understand that this timing may not be aligned to the needs of 10 Carden, to recommend the development of a pilot CIP program outside of the larger incentive program review would be premature at this time," the report says.
"Council has not yet decided if they want to be in the business of 'stimulating commercial development in targeted sectors and areas' beyond the current programs already approved."
