Chew's News

Investors are taking advantage of Welland's CIP

Posted by Greg Chew on Jul 28, 2015 1:20:00 PM

Estimated reading time: 2 minutes 

downtown welland

I have covered commercial and industrial activity in Welland a number of times on this blog, including the vast potential along it's water ways here and a look at the brownfield land and incentives availble to investors here. Late last week the Welland Tribune ran an article reaffirming much of the confidence I had earlier expressed about facets of the cities Community Improvement Plan (CIP). The article disclosed that applications for Welland's CIP's particularly it's Downtown and Health and Wellness Cluster CIP had taken off and that the demand had exceeded the budgeted funds. This continued commercial confidence in downtown Welland and the health and wellness areas is just another reason for investors to continue to look to Welland for development. 

 

Welland's Downtown and Health and Wellness Cluster CIP 

Welland's CIP was adopted in 2014 and features 7 incentives options including facets of the Downtown and Health and Wellness Cluster CIP. This CIP covers the areas of downtown Welland, King St. and along the recreational waterway. Below are a list of grants available within the community improvement plan and links to their respective program guides. 

 

Buildings approved in Welland for the CIP grants

In order to accomodate the demand for the downtown/king street area CIP, the city has had to move $20,000 out of the brownfield community improvement plan budget, alotting for a total of $100,000 in incentives. With no applications in 2015 for the brownfield CIP this makes sense to city officials. A pot of $25,000 still remains in the brownfield budget. All grants awarded through the city are matched by funds through the Region's Smarter Niagara Incentives Program. Seven applications have been submitted, of the seven the following have been approved:

  • 73 Ontario Road - $23,000 awarded to revitalize the exterior and interior of the building. The commercial space will be transformed into 4 residential apartments to compliment the existing second story apartment space 
  • 570 King Street - undisclosed amount to repurpose a medial office building for The Hope Centre offices and to build transitional housing units along the top floors 
  • 316 Enterprise Drive - $2.2 million in tax breaks over 10 years for the build of Northern Gold Foods Processing Plant
  • 14-28 Niagara Street - revitalization grants awarded including $12,500 from the Building Improvement Grant Program, $39,200 through the Residential Grant Program and $1,500 from the Planning and Building Fees Grant
  • 346 King Street - currently undisclosed amount for revitalization grants to the Rex Hotel including the Building Improvement Grant Program 

The incentives provided through Welland's CIP have met their purpose; stimulating both local and national investment. The success of the program will allow Welland to meet the goal of a revitalized downtown core will an overall improvement to the image of the City and use of it's once thriving business area.

To view land for sale in Welland or office space in downtown Welland, visit my listings page

 

sell my niagara industrial building

 

Topics: CIP, In the news, Niagara

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