Bruce County council has approved a grant funding agreement with the Municipality of Brockton to help with the development of two new apartment buildings in Walkerton.
The county had recently received confirmation from Brockton staff that the local TIEF application has been approved with the developer, WT Lands LP, and that the developer has entered into a TIEF agreement with the local municipality.
The Tax Increment Equivalent Funding program was developed through Community Improvement Plans, and matches local municipal programs through grants to offset the cost of development.
The request is to support the granting back of proportional taxes to help facilitate the construction of two 63-unit residential apartment buildings in the Eastridge area of Walkerton.
The TIEF program operates over a 5-year period, granting the equivalent to the local portion of taxes at a declining scale.
– Year 1 – 100% grant
– Year 2 – 80% grant
– Year 3 – 60% grant
– Year 4 – 40% grant
– Year 5 – 20% grant
Commissioner Claire Dodds shared with county council, “The application supports council’s strategic goal of increasing the supply and impacting the affordability of housing, as outlined in the county’s Housing Action Plan. And as such, staff are recommending council approve the Municipality of Brockton’s request to enter into the Tax Increment Equivalent Funding agreement for this development.”
County staff had received confirmation that WT Lands entered into an agreement with Brockton Council confirming their participation in the local TIEF program, giving the green light for the County to enter into the agreement with the Municipality of Brockton.
In order to be eligible for the county’s TIEF program, proposed projects must:
– Have a successful local municipal application approved under the Community Improvement Plan
– Enter into a formal agreement with the local municipality to confirm participation
– Align with county council as outlined in the strategic plan, or an associated plan such as the Housing Action Plan, Economic development Strategic Plan, etc.
The Tax Increment Equivalent Funding program was developed through Community Improvement Plans, and matches local municipal programs through grants to offset the cost of development.