By Pam Wright
Local Journalism Initiative Reporter
The owners of 100 KING will get a bit of tax relief in the future after been approved for the municipality’s Community Improvement Plan (CIP).
The grant initiative – designed to stimulate growth – allows for 100-per-cent tax forgiveness on assessment resulting from improvements made by developers on a property for a period of 10 years.
Council gave the staff recommendation the thumbs up at the June 23 meeting following discussion prompted by questions from Chatham Coun. Alysson Storey.
“Certainly, this property has a strong public interest and I did get some questions from constituents and the community,” Storey said. “I think the private investment by the owners of the site is to be commended,” she added, but cautioned some inaccurate information related to 100 KING and the CIP may be circulating in the public.
In explaining the CIP, Chatham-Kent general manager of community development Bruce McAllister said the program is open to everyone but there are various options within its scope.
“Some of our programs only apply to our defined downtown areas, and this is one example,” he said.
The municipality’s CIP program was adopted in 2020 to stimulate growth. A major project is defined as one carrying more than $10 million worth of investment in order to be eligible.
“That’s a requirement on our applications,” McAllister explained, noting they have to show the costs they’re eligible for, and the project must be completed in two years.
No CIP monies are reimbursed until projects are finished, he stressed, noting the owners of 100 KING plan to spend an estimated $16 million.
The owners are presently working on the commercial development of the Downtown Chatham Centre, which involves revamping the facade and installing a new escalator and elevator.
