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| You are here > Introduction > Stage 1 > Financial Incentives Stage 1: Setting the Stage - Finance - Financial Incentives |
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Municipalities should consult with the development community to develop financial incentive packages that will meet their needs and enable the successful redevelopment of typical service stations. The difference between the current and potential value of the redeveloped property often dictates whether a developer would require financial incentives and the specific type of incentive that is needed. Financial incentives can be a significant component in "creating value" for typical service stations. One important aspect that municipalities should consider is that many of the current financial incentives are triggered during the redevelopment phase. There should be discussions between the Municipality, the developer, and the company that is conducting the remediation to ensure fair distribution of financial incentives.
Municipalities should:
- Review incentives that other municipalities have created and successfully implemented.
- Put in place a model or process to pay for the cost associated with pre-zoning. Possible solution is to use a DPS and build-in the costs back to a developer.
- Ensure that the financial incentives are shared fairly between the company conducting the remediation of the site and the developer. If the remediation is conducted by someone other than the developer, there should be discussions between the Municipality, the developer, and the company conducting the remediation to ensure fair distribution of financial incentives (i.e. higher sale price of the remediated property to developer who will recoup the cost through the offered incentives and redevelopment revenue).
- Provide assistance through the exemption of portions of development charges.
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