At the Committee of the Whole meeting on Monday 11 March, staff will report on the results of the Community Improvement Plan (CIP) for 2018 and the planned process for 2019. As mentioned in the report, the CIP has been implemented since 2016 in response to a 2013 survey where Cobourg residents expressed concern about the “poor appearance of building exteriors, back lanes and parking lots”. The Downtown Cobourg Vitalization CIP is a collection of 8 incentive programs providing grants or loans for some of the cost of improvements. The cost to the Town consists of grant dollars, plus loan admin and interest costs, and when compared to the applicants’ contribution, this produces leverage ratios which were 3:1 in 2016, 2:1 in 2017 and 5.6:1 in 2018.
The budgets in 2017 and 2018 were $150K and staff are suggesting the same amount for 2019.
In 2016, 5 projects valued at $231,119 were approved with grants totaling $54,696 and loans adding up to $51,886. Total Town cost was $56,252 giving a leverage of approx. 3:1 [Additional expenditure $175K divided by $56K]. More detail on the 2016 CIP was reported here.
In 2017, 13 projects were approved with grants of $100,200 and loans of $46,812. The total expenditure by the Town was $107,200 for projects valued at $310,502 so leverage was approx. 2:1.
With the success of the first two years, the size of the proposed projects increased to a total of $991K with grants of $143,222 and loans of $98,786 for a total Town expenditure of $149,332 and a leverage of 5.6:1
|1||2 King St. W & 239 & 243 Division St. (Corner)||Facade Improvement, masonry and roof repairs||Grants – $19,258||Underway|
|2||Jakes – 40 King St. W||New roof||Grant – $4,000||Completed|
|3||Buttermilk & Peter’s – 42-44 King St. W||New roof||Grants – $2,750||Completed|
|4||39 King St. E – Market and Smør||Facade Improvement, Painting, various interior upgrades (photo above right)||Grants – $31,250||Partially completed|
|5||Cheslers – 35 King St W||Facade Improvement, Various, 4 apartment units on second and third floors||Grants – $70,964
Loans – $98,786
|6||Royal Spa – 89 King St. W||Study Grant – plans||Grant – $2,500||Complete|
|7||52 King St. W – Was Bargain Shop||Facade Improvement – Doors, windows, cladding and lighting||Grant – $12,500||Complete|
There’s a report here on the 2018 projects when they were approved [First 6 projects only].
For 2019, staff propose a single intake in July with an increased focus on larger projects like the one at 35 King which added new apartment units. Another plus would be if the improvement “secured a landmark or anchor business such as a bank, a microbrew pub, a corporate office, or a specialty or niche business”.
The staff report notes that “there are a number of potential applicants awaiting confirmation of the 2019 Intake” so assuming council accepts the recommendation from staff, we can expect to see further upgrades Downtown.
- Full original report from Town Staff – hosted on Cobourg Portal