Business Retention & Expansion Grant

Overview of the Business Retention & Expansion Grant program:

The Business Retention & Expansion Grant is aimed to help industrial and commercial businesses grow and thrive by enhancing their property through addition or significant renovation while stimulating the local economy. It is a four-year annual rebate equal to 100% of the general municipal tax portion of the Incremental Assessed Value of the property in the first year, decreasing by 25% annually for three additional years.

Benefits of the Business Retention & Expansion Grant program:

• A four-year annual rebate equal to 100% of the general municipal tax portion of the Incremental Assessed Value of the property in the first year, decreasing by 25% annually for three additional years.

Eligibility criteria of the Business Retention & Expansion Grant program:

• To be eligible to apply:
• The project must be an expansion of existing commercial or industrial businesses through addition or renovation with a minimum taxable assessment increase of over $1,000,000 and which increases assessed value by a minimum of 25%
• OR
• Commercial or industrial demolition, infill, or adaptive reuse of vacant or under-utilized land/buildings with a minimum taxable assessment increase of over $1,000,000 and which increases assessed value by a minimum of 25%.
• No construction can be performed prior to signing a Reimbursement Agreement with the City.