Closed
Tax Increment Equivalent Grant Program
Tax rebate for qualifying redevelopment projects
Record updated
- Funding available
- Up to 75% of project cost
- Deadline
- Unspecified
- Location
- Bancroft, Ontario, Canada
Overview
The Town of Bancroft offers a tax rebate incentive for redevelopment projects that meet the program conditions. Eligible development may receive a rebate of 75% of the municipal tax increase for 5 years, subject to the property's location and type of project.
At a glance
Funding available
- Maximum share of project costs
- 75%
- Increase production or service capacity
- Renovate or expand facilities
- Ensure financial sustainability
- Renovate or adapt facilities
Eligible candidates
- Location
- Bancroft
- Ontario
- Eligible Industries
- All industries
- Annual revenue
- All revenue ranges
- Organisation size
- All organization sizes
- Audience
- All groups
- Legal structures
- For-profit business
Receipt of requests is now closed
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Availability timeline
2024
Periods: 1
Eligibility
Who is eligible?
- Residential developers.
- Non-residential developers.
- Property owners investing in redevelopment in Bancroft.
Who is not eligible
- Developments outside Part A or B of the Community Improvement Project Area.
- Projects that do not meet the stated development thresholds.
Eligible geographic areas
- Part A and Part B of the Community Improvement Project Area in Bancroft, Ontario.
Activities funded
- Construction of one or more new residential units.
- Non-residential development with at least 200 sq. metres of new floor area or a 50% increase in existing floor area.
- Development that creates a new connection to the municipal water and/or wastewater system.
How to apply
- Step 1: Discuss your plans with Town staff
- Contact Town staff before proceeding with the project.
- Confirm whether the proposed development may qualify under the program.
- Step 2: Prepare your application
- Ensure the development meets the stated program conditions.
- Prepare to apply subject to the conditions of the program.
- Step 3: Submit the application
- Apply under the Town’s incentive program.
- Proceed according to the Town’s instructions for the application process.
Selection criteria
- Location within the designated Community Improvement Project Area.
- Type and scale of development.
- Contribution to the Town’s tax base.
Additional information
- Applications are subject to the Town of Bancroft’s approved Community Improvement Plan.
- Developments with a building permit issued after January 1, 2019 may apply.
- The program is time-limited and was active until December 31, 2023.
Contacts
Official sources
Frequently Asked Questions about the Tax Increment Equivalent Grant Program Program
What is the Tax Increment Equivalent Grant Program?
The Town of Bancroft offers a tax rebate incentive for redevelopment projects that meet the program conditions. Eligible development may receive a rebate of 75% of the municipal tax increase for 5 years, subject to the property's location and type of project.
How much funding can be received?
Tax Increment Equivalent Grant Program Funds up to 75% of admissible expenses.
Who is eligible for the Tax Increment Equivalent Grant Program program?
To be eligible for the Tax Increment Equivalent Grant Program program, you must:
Property must be in Part A or B.
Project must meet development thresholds.
Connection to municipal services required in some cases.
Who can I contact for more information about the Tax Increment Equivalent Grant Program?
You can contact Town of Bancroft by email at rtait@bancroft.ca or by phone at (613) 332-3331 Ext.201.
Where is the Tax Increment Equivalent Grant Program available?
The Tax Increment Equivalent Grant Program program is available the province of Ontario.
Is the Tax Increment Equivalent Grant Program a grant, loan, or tax credit?
Tax Increment Equivalent Grant Program is a Grant and Funding
Who are the financial supporters of the Tax Increment Equivalent Grant Program?
Tax Increment Equivalent Grant Program is funded by Town of Bancroft