Development at former Lincoln Fabrics buildings to get CIP funding
A major development in Port Dalhousie will be getting Community Improvement Plan funding from the city of St. Catharines.
The developer of the former Lincoln Fabrics building submitted an application for the Brownfield Tax Increment Finance Program as the site work will include environmental remediation of the 0.86 hectare property.
Mayor Walter Sendzik says the development also meets the necessary criteria regarding improving public spaces and heritage preservation. "It is going to be close to a $100 million project when its all said and done. The contribution from the city based on a rebate of taxes over 10 years is going to be about $3 million. That $3 million is designed around cleaning up the waterfront, which we all want to do," he explains. "It's also about improving the public space and preserving the heritage. So out of four criteria, three are solidly met and that allows this project to move forward."
The property is being converted into a 78 unit apartment building with some multi-use space on the ground floor, including plans for a restaurant with room service, a convenience store, and a dog wash and pet grooming station.
When construction is finished, city staff expect an estimated annual property tax increase of $445,938.
The application was approved with a council vote of 8 - 5.
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