$204K in C-K cash not going to Everlast

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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.

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