Canada Bread, the corporation building a new breakmaking facility in Red Hill Business Park, has applied to the City [PDF link] for a "LEEDing the Way" LEED grant of up to $1.24 million for its planned Nebo Roadd facility.
The company wishes to attain Gold Certification under the Leaderhip in Energy and Environmental Design rating system for its 388,000 sq. ft. industrial bakery and administrative office.
Under the LEEDing the Way grant program, a company undertakes to build its facility to achieve LEED certification, and the City reimburses an eligible portion of the increased property tax assessment for a period of up to five years to offset the cost of upgrades and certification, after which point the company resumes paying its full assessment.
Since the money comes entirely out of increased property tax assessments, the City incurs no out-of-pocket expense to pay the grant.
The staff report on the Canada Bread application states that it meets the city's grant criteria, and that the grant will "result in the physical enhancement and sustainability of this vacant site and will result in a significant long-term increase in assessment and property tax revenues to the City."
The City's Planning and Economic Development Committee meets today to consider the grant application.
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