The Downtown Village Development Corporation
(DVDC) in co-operation with the Greater Sudbury Development
Corporation (GSDC) and Downtown Sudbury (Sudbury Metro Centre)
is facilitating the implementation of a Downtown Facade
Improvement Incentive Program.
In recent months, DVDC has researched
successful models in many Ontario cities including London,
Huntsville and North Bay. The North Bay model has been
recommended as an excellent blueprint for Sudbury's
downtown.
The development of this and other possible
financial incentives has gained the initial support of the City
of Greater Sudbury planning department and city council.
The program, if approved, will provide
grants/and or interest free loans to property owners who
rehabilitate and improve their facades (including signs) within
a defined business improvement area. The process will involve
public consultation to further explore how this and other
financial incentives could be developed to further encourage
downtown development and redevelopment; and requires approval
and ratification from city council and the Ontario Municipal
Board.
North Bay's experience demonstrates how the
the city's investment in this type of incentive can trigger
major private sector economic investment. In its first year,
North Bay's downtown incentive program saw 47 funding
applications processed, five vacant buildings purchased for
revitalization and re-use and six new businesses were
established with program assistance.
New employment opportunities saw the creation
of 88 short-term jobs and 56 permanent jobs. The estimated
value of the private sector
investment/reinvestment was $1.1 million
producing a conservative private sector/public sector
investment ratio of 5:1. This ratio excluded
building/business and/or franchise
purchases.
Beyond the immediate economic benefits,
facade improvements can develop positive attitudes and build
confidence among businesses, as well as stimulate interest in
the city core among consumers.
If approved, the implementation of the
Downtown Facade Improvement Incentive Program could take place
as early this fall.
If you are interested in participating in the
public consultation process or have any questions about the
program, phone 673-5505.
Susan Thompson
Director
Downtown Village Development
Corporation