By: Michael Bennett, Local Journalism Initiative Reporter, The Ridgetown Independent News
The ownership group of the former Salvation Army Thrift Store is seeking assistance from the municipality in its plans to renovate the downtown property.
Main-Ridge Inc. plans to redevelop the former thrift store into a mix of business and residential units.
The owners will find out at Monday night’s Chatham-Kent Council meeting (February 23) if their request for assistance through the Community Improvement Plan, Property Tax Increment Equivalent Grant Agreement is approved.
Administration is recommending that Council approve providing an annual grant equivalent to 100% of the increase in municipal property taxes resulting from the development of a Mixed-Use Commercial/Residential Use in a Downtown Area for five years.
Main-Ridge Inc. plans to redevelop the existing buildings at 14 and 18 Main Street East into three businesses and nine residential units.
Three commercial units and two residential units are planned for the ground floor, with an additional seven residential units on the second floor.
The total construction value is estimated at $1,300,000.
The Community Improvement Plan is included in the Plan to Support the Chatham-Kent Growth Strategy and the 2023-2027 Council Strategic Priorities.
The CIP was created to enable market-driven investment to address targeted needs throughout Chatham-Kent, including rental and affordable housing, commercial and employment growth.
The Property Tax Increment Equivalent Program provides economic incentive for the development, redevelopment, adaptive reuse or rehabilitation of properties in the CIP areas.
The PTIEP provides an incentive to reduce the tax increase when a property is developed, redeveloped or rehabilitated.
According to the report to Council provided by the municipality’s Development Services Planning Services, this program applies to commercial uses, employment uses, mixed-use commercial/residential buildings, major rental housing developments, and affordable housing developments.
Main-Ridge Inc.’s project is eligible under the CIP for a grant equal to 100% of the new municipal property taxes levied related to the development for five years.
The company is required to agree with the municipality, which details the benefits and obligations of participating in the program.
