Downtown CIP Evaluation & Approval Process
The membership of the Committee is to be broad-based, comprised of both Town staff and community representatives.
Application intake will occur on a rolling basis to help facilitate development and rehabilitation intentions on the part of property owners/developers in a timely fashion.
The Evaluation Committee will meet monthly and will forward recommendations to Council via staff reports prepared by the Coordinator.
Priority will be given to those projects already approved for CIP funding and underway - when a Request for Additional Funding application has been submitted.
In some cases there is a need for the property owner to undertake a minor variance change or re-zoning application in advance of the CIP project.
A pre-consultation meeting will be required with the Community Planning Division and Economic Development staff to determine the best course of action.
Council makes final approval decisions on all applications, appeals and requests for additional funding.
Council also reserves the right to limit access to funding from multiple programs if, in its determination, there is a degree of overlap of funding that is not an appropriate use of scarce resources.
At all times, the principle of matched funding necessitates that Council will not fund more than 50% of eligible costs or stated funding caps, whichever is less.
Council also has the right to extend, revise or alter this CIP beyond the initial five-year horizon.
All applications that require annual funding under Programs 1 to 4 will be accepted, evaluated and determined on a first-come first served basis.
All funds committed in any one year (based on calendar years) will be assumed to be drawn down from the annual funding limit for the CIP as whole (not including Program 5) during the year of approval for funding, even where funds are disbursed in the following calendar year.
Applications are encouraged for projects which are eligible for funding under more than one program.