Kingston, Ont., city council is set to review a proposal to provide up to $4.1 million in brownfield tax rebates for the redevelopment of a long-vacant industrial site at 0 Cataraqui St.
The property, owned by Inner Harbour Development LP, was historically used for industrial and transportation purposes, leaving a legacy of soil and groundwater contamination.
Plans for the site include a six-storey residential building with 75 apartment units.
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To move forward, the project requires environmental remediation and the registration of a record of site condition.
Currently contributing approximately $27,400 in annual municipal and education taxes, the site is projected to generate no less than $182,600 annually after redevelopment.
Under the proposed plan, 80 per cent of this tax uplift will be rebated to the developers over a 10-year period, capped at $4.1 million.
“The project aligns with the City’s goals of promoting housing affordability and addressing underutilized lands,” city staff noted in their report.
Council will vote on the motion, associated bylaws and a brownfield site agreement with the developer at their Tuesday meeting.
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