RMWB council debating further $2.6 million for grant aimed toward downtown companies

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Council will debate an additional $2.6 million for a grant program encouraging enterprise house owners to put money into downtown properties. The municipality’s Planning and Growth division argues this system has been a hit since launching in June 2020, and the financial funding is worth it.

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“Total, this system has been effectively obtained regardless of the challenges confronted by companies and organizations over the previous a number of years,” reads a report back to council. “The big variety of functions means that downtown property and enterprise house owners are keen to put money into the downtown.”

This system known as the Downtown Revitalization Incentives Program (DRIP). Enterprise house owners in downtown can apply to enhance exteriors of their buildings, inside renovations, fund new or upgraded patios, fee murals or begin beautification tasks equivalent to gardens.

The grants fund as much as half of those tasks. Funding is offered after building and an inspection by the municipality.

Greater than $7.1 million in grant funding has been accredited for 197 tasks. This system ended on the finish of April however there are 123 functions nonetheless being reviewed. About 80 per cent of functions are for exterior enhancements.

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A report back to council says this system has a powerful return on funding for the municipality. On common, each $1 spent by the RMWB as a grant results in $2 invested by the non-public sector. This causes a 1:3 charge of return.

“Many candidates are additionally deciding on native suppliers and contractors, which helps the native building business profit from this system,” the report states.

Administration plans to finish a complete evaluation of this system, and the way it impacted downtown and companies. This evaluation shall be introduced to council at a public assembly within the close to future.

The evaluation can even affect a revised incentive program. This shall be introduced to council by spring 2024.

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