Brownfields Financing

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• Financing - Private Equity Funds
• Financial Incentives
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Financial Incentives

Financial incentive programs that have been developed and implemented by municipalities are designed to level the playing field between brownfield redevelopments and greenfield developments. The ability to create financial incentive programs is dependent on the provincial/territorial legislation and regulations.

Municipal Incentives

The Municipal Brownfields Redevelopment Toolbox provides information, tools and resources on financial incentives available across Ontario and educates municipalities on:

• How to develop Financial Incentives
  • Types of Incentives
  • Sample Models
  • Municipal Examples
  • Municipal Brownfield Redevelopment Strategies

Government of Ontario – Programs & Incentives for municipalities

The Government of Ontario also provides financial incentives, tools and resources for Ontario municipalities to utilize. Visit http://www.mah.gov.on.ca/userfiles/HTML/nts_1_25625_1.html to learn more. Below are a few of the programs and incentives:

• Community Improvement Plans (CIPs) - a municipal strategic tool that allows municipalities to set out the municipal policy framework for the rehabilitation of existing built-up areas.  The community improvement provisions under Section 28 of the Planning Act provide for a beneficial and comprehensive planning framework for brownfield rehabilitation decisions and actions
• Brownfields Financial Incentive Program (BFTIP) - allows municipalities to provide property tax assistance to landowners for the purposes of environmental rehabilitation of brownfields properties within an approved Community Improvement Plan (CIP). Municipalities may also apply for matching education property tax assistance from the Minister of Finance.
• The Ontario Strategic Infrastructure Financing Authority (OSIFA) - offers low-cost, longer term, fixed-rate financing for infrastructure improvement in such areas as clean water, sewage treatment or waste management, as well as municipal roads, bridges, social housing and long-term care homes, and public transit.
• The Rural Economic Development (RED) - program invests in projects that support sustainable rural communities and community partnerships. Revitalization of communities, which may include brownfields redevelopment, is a program priority.
• Affordable Housing Incentives - Municipal Act regulation (O. Reg. 189/01) and amendment (the addition of subsection (9.1) to section 210.1 of the Act) provide authority that municipalities can use to stimulate the production of affordable housing.  These changes allow municipalities to use property tax exemptions and other incentives to encourage the construction of affordable housing.
• Business Improvement Areas (BIA) - a tool that can improve the local investment climate and help street front businesses adapt to shifting economic trends.