Maple Ridge wants to pay developers to build downtown – as much as $75,000 for an energy-smart condo or mixed-use building.
The money would be given outright, subject to a partnering agreement being drawn up between the district and the builder to ensure the project goes ahead.
It’s the latest in a toolkit the district has assembled to kick start development in the core area.
“I think it’s exciting for the community. I think we’ll see a lot happen as a result of this,” said Laura Benson, manager of sustainability and corporate planning.
“The front-end cost is what we’re trying to support at the offset.”
Property tax exemptions usually benefit long-term owners of the building rather than the developers who are trying to get a project underway.
“There’s a lot of interest in the program, tons of interest,” Benson said.
Under the partnering program, and depending on the value of a new project, a commercial builder could get up to $25,000 up front from the district. If it’s a Leadership in Energy and Environmental Design building or a building that gets more than half of its energy from alternative or renewable energy, the builder would get $37,500.
For residential buildings (four or five storeys or more, depending on the part of downtown), the maximum amount of money dished out would be $50,000. If it’s an energy-smart building, that would climb to $75,000.
Money for the program will come from general revenue and be available on a first-come, first-served basis. The first amount of funding available for the first year of the program is expected to be about $400,000.
The partnering program, which was to be discussed at Tuesday’s council meeting, is part of the Town Centre Investment Incentive Program for new buildings and commercial renovations, which was also on the agenda.
New building incentives include relaxed parking requirements, fast-tracking of downtown building projects, municipal property tax exemptions for new residential buildings (100 per cent for three years, six years for green buildings), exemptions of property taxes on added value resulting from building renos (50 per cent), discounts on downtown building permit fees (plus another $6,000 discount from building permit fees) and $25,000 annually to the Downtown Maple Ridge Business Improvement Association for its facade improvement program, in which downtown shops get money to spruce up their storefronts.
The program is to take effect retroactive Jan. 10 and runs until Dec. 30, 2013.
Benson said the partnering agreements in which the district gives money to developers will be transparent, subject to approval by council in an open meeting.
“I guess you could say it’s aggressive. We want something to happen,” said Mayor Ernie Daykin.
“This is a way of trying to give something at the front end,” of a building project’s life cycle.
Daykin said there are already a dozen applications could qualify. “We’re committed to see stuff happen in that part of the community as well as other parts.”
The mayor said response to the district’s recent purchase of three acres downtown on Selkirk Avenue to encourage future development of those lots has been “overwhelmingly positive.”