The scuttled Boardwalk on the Thames project won’t be costing taxpayers any money through Chatham-Kent’s economic development programs, city planner Ryan Jacques said Thursday.
Jacques said the Everlast Group project was entitled to moneys under various municipal programs, but all funds were contingent on successful completion of the project.
“The key message is that no money has been released,” he said.
Everlast’s Victor Boutin confirmed to Blackburn News this morning he was walking away from the project.
The municipality had allocated Everlast $204,000 under the Downtown Community Improvement Plan (DCIP) in rebated money relating to building permit fees.
“It’s a fund available for downtown projects right across the municipality,” he said. “The money was allocated and set aside but not provided. It remains a payable at this point. We don’t have a precedent for this since most smaller projects have had shorter timelines and have been completed within the year the funds were allocated. At some point we may ask council’s direction as to what it wants to happen to the money but as for now it’s still there.”
Everlast has also paid $34,000 for its share of a provincially mandated fee that requires subdivision or condominium projects donate parkland or cash in lieu. That money would have been returned to the company had the project been completed.
The project was also eligible for rebates under the tax increment equivalency grant that offers developers relief on the difference on the property tax before and after construction.
The fund rebates 100% of the tax in the first year after project completion and reduces that amount by 20% per year for five years thereafter.
Jacques said there was no way to calculate the amount since the property would have to be assessed by MPAC, the Municipal Property Assessment Corporation.
Another fiasco for Chatham, what else is new? Just hope the city doesn't take another hosing
What happens to the ones that have put money down on it
Everlast should be held accountable for the price of removing this money pit.
The city needs to take the property and give it to another developer to finish it… even if they finish it as a 3 storey building.
Why is a county employee answering the questions, and not the Mayor, or councilors who we elect?? Are they in the dark ab out this ??
Wat was the purpose of this building anyway? Who wants to look at that dirty murky skank smelling river
why would anyone build a building like this in a city that has died? Maybe Hope pulled the wool over everlast's eye's as well and they just figured it out
Because they don't get paid to answer questions. Administration does. Wake up.
I wish the people below prosperity in their patience.
maybe open up the road and sidewalk and leave it as a reminder for the next victims of Mayor Hopeless