Bracebridge Implements a Series of Development Incentives

BRACEBRIDGE, ON, Sept. 26, 2014 /CNW/ - In order to encourage strong economic growth and sustainable development, the Town of Bracebridge has implemented a series of development incentives to promote new investments in the community.

A primary incentive being implemented by the Town is the elimination of all non-residential development charge (DC) fees.  Other incentives being made available by the Town include:

  • a freeze on 2015 building permit fees to their 2014 rates;
  • façade, sign and building improvement grants and interest-free loans through its Community Improvement Plan; and
  • rebates of municipal property taxes for significant increases in assessment due to development.

"Through these decisions, the Town of Bracebridge is sending the message to the development community that Bracebridge is open for business," said Mayor Graydon Smith. "Like all communities in Ontario, Bracebridge is recovering from a significant downturn in the economy and Town Council wants to assist in the recovery by providing incentives that will attract new investment to Bracebridge.  We want to encourage new investment and new business ventures that lead to strong economic growth, job creation and sustainable development in the community."

In a similar fashion, the District of Muskoka has approved reduced rates for their Development Charges to assist with the attraction of new investment to Muskoka. Effective July 14, 2014, the District of Muskoka non-residential rate has been set at $1.53 per square foot. This is a significant reduction from their previous rate of $3.05 per square foot.

In addition to the cost savings available through the reduction of Development Charge rates, Bracebridge also offers a wide variety of façade, sign and building improvement grants and/or interest-free loans through its comprehensive Community Improvement Plan (CIP).  Through the CIP, a Tax Increment Grant is available to property owners whose municipal property taxes have increased as a result of the substantial development, re-development, construction or re-construction of an eligible building or property, within designated areas of the Town.  Grants of up to 100% of the municipal portion of the tax increase are available in year one, with grants decreasing by 10% in each of the following years for a 10 year period.

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Image with caption: "Bracebridge Implements a Series of Development Incentives (CNW Group/Town of Bracebridge)". Image available at: http://photos.newswire.ca/images/download/20140926_C1841_PHOTO_EN_6018.jpg

SOURCE: Town of Bracebridge

For further information: Mayor Graydon Smith, 705-645-6319 Ext. 242, gsmith@bracebridge.ca; Cheryl Kelley, Director of Planning and Development, 705-645-6319 Ext. 253, ckelley@bracebridge.ca; Randy Mattice, Manager of Economic Development, 705-645-6319 Ext. 282, rmattice@bracebridge.ca

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