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City Support Downtown Building Facelift

Friday, 21 June 2013 11:10

The City is jumping on board with a Community Improvement project on Dundas Street. As we told you earlier this week, the owner of 384 Dundas Street, is looking to do some work on the facade of his building and is also looking to renovate to add commercial space on the main floor, and 4 new apartment units on the upper floors. Development Commissioner Len Magyar says these programs are essential because the realities of downtowns is with buildings right next to each other, renovations can sometimes be difficult as opposed to green fields where there is lots of space. "You realize the downtown core represents a significant amount of assessment for our community so we want to maintain that assessment within the community. So we brought in these programs to help people to basically offset some of their costs, in most cases it's loans so we actually get our dollars back but it just helps them upfront". Under the agreement, Council has agreed to provide grants totalling $32,250, and interest free loans totalling $55,000. In return, this commitment by the City is expected to leverage an estimated additional investment of nearly $197,000. Magyar says while other projects have been talked about with City staff, this is the first project that has come forward through the application process.

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