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Chatham

CK tax incentives keep attracting development

Developers in Chatham-Kent keep lining up for tax breaks offered by the municipality to develop and redevelop the community.

Councillors will discuss tax incentives for two developments Monday night at their meeting.

The owner of 320 Grand Avenue East between Van Allen Avenue and Kingsway Drive in Chatham wants to build a new a 182-unit, thirteen storey apartment building on the vacant lot and is looking for a tax rebate.

The owner of a gas bar, convenience store, car wash, and restaurant at 1085 Richmond Street and Bloomfield Road in Chatham is also requesting a tax break.

The Chatham-Kent Community Improvement Plan Property Tax Increment Equivalent Grant program provides an incentive to reduce the tax increase that can result when a property is developed, redeveloped or rehabilitated.

"This may provide assistance in securing project financing and is anticipated to increase the assessment base in the municipality," said the staff report.

Grant amounts are determined after the project is finished and reassessment by the Municipal Property Assessment Corporation (MPAC).

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