The Aurora Promenade Community Improvement Plan (CIP) was approved by Aurora Town Council in February, 2014.  CIP�s are development tools under the Planning Act that allow a municipality to offer financial incentives to the private sector, in order to stimulate redevelopment.  

Aurora�s CIP was developed in consultation with local businesses, property owners and the Town�s Economic Development Advisory Committee. The CIP considers redevelopment needs within a specific designated area (see attached map) and offers the following programs:

Program 1:  Fa�ade and Signage Improvement Grant

• Eligible properties include commercial and mixed-use properties fronting Yonge Street and Wellington Street
• A grant of up to 50 per cent of the eligible costs or a maximum of $15,000 per property, whichever is less  
• Minimum grant for this program is $5,000, which means the minimum eligible project cost is $10,000

Program 2: Building Restoration, Renovation and Improvement Program

• Program is applicable to commercial and mixed-use properties fronting Yonge Street and Wellington Street
• A grant of up to 50 per cent of the eligible costs or a maximum of $40,000 per property, whichever is less   
• Minimum grant for this program is $15,000, which means the minimum eligible project cost is $7,500

Program 3:  Development Charges (DC) Grant

• Program is applicable to commercial developments and projects
• Grant amount is up to 75 per cent of the Town's portion of the development charge to a maximum grant of $100,000 per property, whichever is less  

Program 4: Tax-Based Increment Grant (TIG) Program

• Program focuses on the redevelopment of principal sites, which are identified by the Town   
• Tax Increment Grant program leverages the increased assessment and property taxation generated by redevelopment to reduce financial costs of property rehabilitation and redevelopment
• Program is applicable to non-residential and multi-unit residential developments and eligible projects include site development and infrastructure work,  including demolition and major building rehabilitation

Program 5:  Heritage Property Tax Relief

• Program offers owners of an eligible heritage property a reduction in annual property taxes, levied for municipal and educational purposes
• Intent of this program is to encourage the enhancement, restoration and/or preservation of heritage properties for commercial or commercial-mixed uses
• Grant amount consists of a 10 to 40 per cent reduction of taxes for municipal and educational purposes for a period of five years   

Program 6:  Environmental Site Assessment Grant Program

• Program provides Brownfield (contaminated) sites with assistance to fund a   Phase II Environmental Site Assessment (ESA)
• Proposed grant amount for this program is 50 per cent of the cost of the ESA or $20,000, whichever is less

Program 7:  Environmental Remediation Tax Assistance Program

• Program offers the cancellation of property tax increases that result from the remediation and redevelopment of contaminated sites  
• Based on the Provincial Brownfield Financial Tax Incentive Program, which enables qualifying properties to receive tax assistance from the deferral of both the educational portion of the property tax on a matching basis with municipal portion of the tax for a specified period, following which the deferred taxes are officially cancelled