18 Dec 2023 Council meeting Housing

Amendment of Project Under the Revitalization Tax Exemption Bylaw 7261 - 507 Milton Street

Motion
That Council approve the amended Revitalization Tax Exemption Agreement for a proposed 28-unit mixed-use development at 507 Milton Street, consisting of 25 residential units and three commercial rental units.
Minutes, page 15
Sources
Agenda itemCity agenda
Staff reportPage 1
Purpose
To obtain Council approval to amend the Tax Exemption Agreement for a proposed mixed- use building at 507 Milton Street.
Staff report, page 1
Staff recommendation
That Council approve the amended Revitalization Tax Exemption Agreement for a proposed 28-unit mixed-use development at 507 Milton Street, consisting of 25 residential units and three commercial rental units.
Staff report, page 1
DocumentsStaff report about Economic Development

Leonard Krog Yes

Exemption provided the requirements they agreed are met. Are met? She'll be for the taxation years. 2024 to 2033 inclusive ten year period. And in my experience, given that the developer doesn't get a nickel of return until they start selling these units, or renting them, as the case may be. It's not a situation where they're taking advantage of the taxpayers, so to speak.

Questions and answers

Councillor Erin Hemmens
Speaker identificationConfident
Yes

asked
Thank you. That does. I don't mean to belabor it. Big fan of the project. The developer is suggesting that the supply chain and labor shortages are the. Issue. We've had other developments happen in this time frame. Have we had any other extensions of a similar nature with the
J. Holm
Speaker identificationConfident
answeredDirector, Planning and Development
same rationale applied. Yeah. Through your worship to councilor Hemmens. This is a bit of an outlier. For various reasons. But. It's not unusual for very large projects to take quite a long time to construct. The scale of this project and the timeline for construction are a bit unusual, but it is nearing completion. So there have been some challenges, obviously through timing wise, with the pandemic. And. There have been supply chain and labor challenges. That the owner has struggled through. And has brought the project close to completion, and we expect they will be able to complete
followed up
it. By June 30, 2024. Thank you. I'll support this. But I will note my discomfort with the multiple extensions

Councillor Janice Perrino
Speaker identificationConfident
Yes

asked
Councilor Perino, effective council. Just a very quick comment. The recommendation is that we approve the amended revitalization tax exemption agreement. What it does not say is until June the 30th, 2024. And I just wondered if that unceded to
Lisa Brinkman
Speaker identificationConfident
answeredManager, Community Planning
be part of the motion. No, because. It's in the agreement. Because it's in the agreement. Good. Fine, I'll. Be