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The core strategy of the Downtown Community Improvement Plan (DCIP) is to rehabilitate and/or redevelop existing properties for new uses. The Rehabilitation and Redevelopment Loan Program provides assistance in order to facilitate the development of sustainable enterprises in the downtown core.
This program provides secured loans (interest-free for five years, to a maximum amount of $50,000) to private-sector proponents to undertake significant renovations.
Priority is given to projects that:
- Convert a vacant facility or land into a new or expanded business or residential developmentResult in significant renovations to an existing building
- Assist compliance with the Building Code (including fire suppressant systems and provision of accessibility)
- Include a proponent who is the property owner and possesses the demonstrated capacity to undertake the project
Eligible costs include:- Third-party contractor fees
- Equipment related to the improvement of the building (i.e. sprinkler system, furnace, etc.)
The following costs are NOT eligible:- Materials and equipment not associated with a significant renovation
- General maintenance costs
- Equipment related to the normal operation of a business (i.e. cash register, restaurant equipment, etc.)
- Refinancing and Bank charges
- Costs associated to the development of a Business Plan
- Any costs incurred prior to the written approval of the DCIP application
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