Vision Vanier is part of Montreal Road’s grand transformation. The CIP is combined with many initiatives including a Vanier art plan, the revitalization of Riverain Park, the Building Better Revitalized Neighbourhoods (BBRN) initiative and more.
The goal of the CIP is to see the construction of new buildings and transform the business mix along Montreal Road. The CIP report will be going through committee and council in May and the City will begin accepting applications at the end of June.
The CIP will apply to all renewal projects in the area along Montreal Road from North River Road to Aviation Parkway. Eligible projects must result in a minimum increase of $50,000 in the assessed value.
Consideration of a CIP for Montreal Road began with a request from the Quartier Vanier Business Improvement Association. We’ve had good success with CIPs in other areas of the City. For instance, Bells Corners has applications for a new hotel, a 3-unit retail mall, and 2 new commercial buildings. This is a suburban example of mainstreet transformation.
The incentive will be in the form of a Tax Increment Equivalent Grant (TIEG) paid to the property owner. The annual grant will be equal to 75% of the municipal tax increase attributable to the redevelopment. The maximum grant over the 10-year period cannot exceed $5,000,000, and cannot exceed 50% of the total redevelopment cost.
There are supplementary benefits available if property owners support affordable housing, cultural activities/ artists or social enterprises. For further information you can visit Ottawa.ca/visionvanier and click “Montreal Road Community Improvement Plan”.
If you are a property owner on Montreal Road or a potential investor there is no better time to redevelop or invest in this important mainstreet of Ottawa. It’s Vanier’s Time!