That the Brownfield Remediation Program Application for 120 Victoria Street South, received from 114-120 Victoria Street South Inc. and Glovebox (2019) Inc. dated July 6, 2018, be approved; and,
That in exchange for a completed and filed Record of Site Condition for the subject property, the owner will be provided a tax incremental grant on the redevelopment of the property in the form of a rebate issued on a proportionate basis, annually, on City taxes in an amount equal to 100% of the City of Kitchener Tax Increment; and,
That the City Tax Increment be defined as the difference between the City of Kitchener portion of real property taxes for the 2018 taxation year and the new City of Kitchener portion of real property taxes levied as a result of a new assessment by the Municipal Property Assessment Corporation (MPAC) following completion of the project as compensation for the remediation of the above subject lands; and,
That the City property tax increment grant is not to exceed $346,552.00 based on today’s estimated City tax increment; payable over a 3-year period; and,
That the Region of Waterloo Brownfield Coordinator be circulated a copy of any decision made by Kitchener City Council regarding this Application; and further,
That the Mayor and Clerk be authorized to execute an Agreement, subject to the satisfaction of the City Solicitor, with 114-120 Victoria Street South Inc. and Glovebox (2019) Inc., to implement the provisions of the Brownfield Financial Incentive Program Application for 120 Victoria Street South, as outlined in the Development Services Department report DSD-2025-276.