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BACKGROUND: <br />In September 2011, the City of Kitchener and Region of Waterloo received a Joint Tax <br />Increment Grant (TIG) application from 1841362 Ontario Ltd. (the Applicant) for the <br />remediation and redevelopment of Victoria Common in Kitchener. The property was <br />municipally known as 1 Adam Street, 340 Louisa Street, and 175, 217 and 225 St. Leger <br />Street (please see location map in Attachment A). The 6.12 hectare (15.1 acre) property is a <br />former industrial property that once included a tannery, a woodworking shop and several auto- <br />related businesses. <br />The property, now known as Victoria Commons, is a transit oriented development that is a <br />strong example of reusing underutilized, contaminated lands for intensified residential infill <br />uses. The first three phases included the construction of 208 townhouses and 191 <br />condominium units. An additional 551 condo units are expected in the next three building <br />phases. <br />This TIG would represent the seventh successful joint Municipal and Regional TIG application <br />with approved grants contributing to the development of approximately 1,549 residential units, <br />55,700 square metres of office and retail space, 39 acres of remediated industrial land and an <br />estimated total post redevelopment tax assessment increase of $528,891,272 vs a pre- <br />redevelopment tax assessment of $8,075,250.00. <br />Based on a detailed assessment of the remediation information and invoices provided, a total <br />of $7,135,059 in direct remediation costs are considered eligible for this TIG. With a 10 per <br />cent allowance for incidental costs afforded under the TIG program ($713,506), the total <br />maximum potential TIG (before deductions for brownfield financial assistance) is $7,848,565. <br />In September 2013, the Regional Municipality of Waterloo approved a Phase Two <br />Environmental Site Assessment Grant of $20,500 and a Brownfield Regional Development <br />Charge Exemption of $2,619,500 for the site. Therefore, the total maximum potential TIG, net <br />of other assistance, for Victoria Common is $5,208,565. Remediation of the site is complete <br />and no other brownfield financial assistance is pending for this development. <br />Eligible Remediation Costs (including 10% allowance)$7,848,565.00 <br />Less other Brownfield Financial Assistance <br />Regional ESA Grant$ 20,500.00 <br />Regional DC Brownfield Exemption$ 2,619,500.00 <br />Total Brownfield Financial Assistance$2,640,000.00 <br />10 - 2 <br />