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NetEligible Remediation Costs$5,208,565.00 <br />The TIG would be cost-shared between the Region and the City of Kitchener with grant <br />property in the year the application was submitted (2011). Property taxes in 2011 determine <br />that approximately 61.1% (maximum of $3,182,877) of the TIG would be provided by the <br />Region and the remaining 38.9% (maximum of $2,025,689) would be provided by the City of <br />Kitchener. The Cityncremental tax revenue <br />following the phased redevelopment of the property. <br />The Applicant has requested a six phase TIG. Annual payments are expected to last between <br />one and six years for each phase and payments for the first two phases could start as early as <br />2019. <br />REPORT: <br />Environmental Remediation and Eligible Costs <br />The Phase Two Environmental Site Assessment confirmed the presence of petroleum <br />hydrocarbons and heavy metals in the soil and/or groundwater exceeding Ministry of the <br />Environment and Climate Change standards. The site has been fully remediated and a Record <br />of Site Condition has been filed. <br />City of Kitchener and Regional staff have conducted a detailed multi-year review of the <br />Remedial Work Plan for the site, all subsequent soil testing and disposal work, as well as all <br />submitted invoices. Based on this review, a total of $7,135,059 in direct remediation costs <br />could be substantiated and are accepted as eligible remediation costs for the site. This amount <br />plus a 10 per cent allowance for indirect costs afforded under the joint TIG program <br />($713,506), results in a net maximum eligible joint TIG of $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 potential Total Tax Increment <br />Grant net of other assistance for Victoria Common is $5,208,565. <br />No other brownfield financial assistance is pending for this development. <br />Joint TIG Calculations and Payment Schedule <br />The estimated payment schedule for the joint TIG is based on the following information: <br />10 - 3 <br />