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REPORT TO: Community & Infrastructure Services Committee <br />DATE OF MEETING: June 18, 2018 <br />SUBMITTED BY: Brian Bennett, Manager, Business Development, 519-741-2200 x7230 <br />PREPARED BY: Rob Morgan, Brownfield Coordinator, 519-741-2200 x7734 <br />WARD(S) INVOLVED: Ward 10 <br />DATE OF REPORT: May 8, 2018 <br />REPORT NO.: DSD-18-031 <br />SUBJECT: Brownfield Remediation Program Application 1 Adam Street (Victoria <br />Common) <br />RECOMMENDATION: <br />That the Brownfield Remediation Program Application for 1 Adam Street, received from <br />1841362 Ontario Ltd. be approved, and, <br />That in exchange for a completed and filed Record of Site Condition for the subject <br />property, the owner will be provided a phased tax incremental grant on the phased <br />redevelopment of the property in the form of an annual rebate on City taxes in an <br />amount equal to 100% of the City Tax Increment applied on the basis of the six <br />redevelopment phases; and, <br />That the City Tax Increment be defined as the difference between the City portion of real <br />property taxes for the 2011 taxation year and the new City portion of real property taxes <br />levied as a result of a new assessment by the Municipal Property Assessment <br />Corporation (MPAC) determined for each phase following completion of the <br />redevelopment of each phase, as compensation for the remediation of the above <br />subject property; and, <br />That the total maximum City Tax Incremental Grant for all phases combined is not to <br />exceed $2,025,687.00 payable in phases over a 10 year period; and, <br />That the Region of Waterloo be circulated a copy of any decision made by Kitchener <br />City Council regarding this application; and further, <br />That the Mayor and Clerk be authorized to execute an Agreement, satisfactory to the <br />City Solicitor, with the Regional Municipality of Waterloo and 1841362 Ontario Inc., to <br />implement the provisions of the Brownfield Remediation Program for 1 Adam Street, as <br />outlined in the Development Services Report DSD-18-031. <br />*** This information is available in accessible formats upon request. *** <br />Please call 519-741-2345 or TTY 1-866-969-9994 for assistance. <br />10 - 1 <br />