Meaford Committee of the Whole is approving a number of grants and loans to local properties under the Downtown and Economic Community Improvement Plans (CIP).
During a meeting on June 27, a report was brought forward by CAO Rob Armstrong recommending approving funds to Back Forty Glamping, The Dam Pub, Hills, and Maggie and Dix.
The report says Back Forty Glamping on 16th Side Road is receiving a $7,500 grant and $26,645 in loans for signage, environmental, business development and feasibility studies, and various municipal fees.
The Dam Pub on 72 Sykes Street North is receiving a $7,500 grant and $34,786 loan for windows, doors and new signage on the Sykes Street facade, building and sign permits, accessible upgrades, new accessible entry ramp, new accessible washroom, and a new heating and air conditioning as well as ventilation system.
Hills on 16 Berry Street is receiving a $7,500 grant and $42,500 loan for exterior upgrades, window and door replacement, a building permit, and environmental study.
Maggie and Dix on 90 Sykes Street is receiving a $2,737 grant for new signage and awning.
The report says the municipality allocated $70,000 in budget funding annually to the CIP, which supports private investment to build the community and the economy across the municipality.
The two CIP grant and loan programs include the Downtown CIP and Economic Development CIP. Both offer various incentives to support property owners in completing improvements to their building in the downtown area, as well as support economic renewal and development.
The four funding applications fall within the CIP programs, and are receiving a combined total of $25,237 in grants and $103,931 in loans.
Armstrong says the loans have a zero per cent interest over 10 years.
“We fund that interest from the $70,000 council sets aside. So our contribution to the loan is actually the interest amount at 2.5 per cent per year,” says Armstrong.
Coun. Tony Bell adds, “it’s nice to see that there are businesses that are taking advantage of this.”
