Brantford Council approves grant application for Galileo Boulevard project
The project includes one seven-storey building with 188 rental units and one commercial unit, and another seven-storey building with 128 rental units.
'After more than four years of planning, engagement and perseverance, we're proud to share that construction has officially gotten underway on our project,' said Daniel Bragagnolo, of Ninco Developments Inc. 'The development consists of over 300 units of much needed rental units in the community, including 56 of those projected to be under and below market rents.'
Bragagnolo said none of this would be possible without the power of collaboration.
'We understand how critically accessible housing is in today's market, but projects like this don't happen in isolation, they rely on the collaboration between developers, municipalities and all levels of government,' he said.
The project is possible to the City's Greyfields Community Improvement Plan, a financial incentive program that was put in place by the prior Council in 2021. It encourages the re-development of underutilized greyfield sites (previously developed commercial properties that are vacant or underused), and includes a property tax increment grant (TIG) to help support the development of mixed commercial and residential units.
'The Greyfields CIP enables the municipality to offer a Property Tax Increment Grant (TIG) program that will rebate a defined percentage of the municipal portion of the increase in property taxes resulting from a redevelopment project. Eligible redevelopment projects include new buildings or substantial additions to existing buildings that add new residential units,' read the report from Nicole Wilmot, Brantford's General Manager of Community Development. 'The new units must result in an increase in the assessed value of the property, as determined by Municipal Property Assessment Corporation (MPAC). The grant is issued as an annual tax rebate for a period of up to a maximum ten years. The grant does not refund any portion of the Provincial Education taxes applied to the property. The tax increment grant program is structured to provide grants through one of three streams according to the type of project, with enhanced grants provided for projects that include affordable housing units.'
Bragagnolo said programs like this are important when it comes to projects such as this one.
'The greyfield program is so valuable in supporting projects like ours, especially during what has been dubbed the riskiest part of these rental projects, being the first seven to ten years of operations,' said Bragagnolo. 'It really enables us to offer meaningful affordability in a way that sends a strong signal that the City of Brantford is serious about playing a part in the housing solution. We're not just building housing, we want to build community and we're investing in the long-term growth and sustainability of it.'
Mayor Kevin Davis said he was overall pleased with the outcome.
'I'm very pleased to see that the work of the prior Council is now paying dividends for us, and we're seeing a development that is proceeding; I've been talking to staff, and the developer is moving along quite quickly with their site plan control,' he said. '…It's great to see this development proceeding with 316 rental units in total, and frankly, without this policy and this graduated tax rebate program, I'm pretty confident we wouldn't be seeing this development. We would not be seeing 316 units, we wouldn't be seeing the economic impact with the construction of these two significant buildings, and after eight or nine years, the City will be better off by about a million dollars a year. It's your classic cliche of 'win, win, win.''
Now that the application is approved, it will grant the developers an estimated total of $5,100,593 over a maximum of ten years for completion of both buildings.
Kimberly De Jong's reporting is funded by the Canadian government through its Local Journalism Initiative. The funding allows her to report rural and agricultural stories from Blandford-Blenheim and Brant County. Reach her at
kimberly.dejong@brantbeacon.ca
.
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