Financial Incentive Program Policy

Moncton, New Brunswick

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Page 1 of 38 POLICY Owner Department: Economic Development Financial Incentive Program Policy for Downtown Core Community Improvement Plan (DCCIP) Area, Designated Heritage Properties, Downtown Business Improvement Area (BIA) and Central Business District (CBD) Effective Date: February 2, 2026 Last Reviewed Date: March 20, 2023 City Council Approval Dates: February 2, 2026 Approving Authority: Moncton City Council Replaces No.: Financial Incentive Program Policy for Downtown Core Community Improvement Plan (DCCIP) Area, Designated Heritage Properties, Downtown Business Improvement Area (BIA) and Central Business District (CBD) - March 2023 1. Purpose Statement 1. Grants under this Policy aim to incentivize Redevelopment and revitalization of vacant and under- utilized Downtown Core Community Improvement Plan (DCCIP) Area Properties, and Designated Heritage Properties, Downtown Business Improvement Area (BIA) or Central Business District (CBD) Zone Properties. 2. Grants under this Policy are also expected to: i. Offset costs involved in Redevelopment of properties including but not limited to Environmental Remediation, sustainable development features and site preparation; and ii. Offset costs relating to certain building and development fees payable by Applicants to the City. 2. Application 1. This Policy applies to privately-owned DCCIP Properties, Heritage Properties, BIA or CBD Properties. 2. The following Grants are available to eligible Applicants under this Policy: i. Redevelopment Grants including those relating to the Public Infrastructure component; and ii. Building Permit and Planning Fee Equivalent Grants. Financial Incentive Program Policy for Downtown Core Community Improvement Plan (DCCIP) Area, Designated Heritage Properties, Downtown Business Improvement Area (BIA) and Central Business District (CBD) Page 2 of 38 3. Definitions 1. Definitions listed below are provided to assist with the interpretation of this Policy. 2. Wherever the context so requires, terms used in this Policy importing the singular number only shall include the plural and vice versa and words importing any gender shall include all genders. 3. Defined terms are indicated in bold throughout this Policy and are defined as follows: "Adaptive Re-Use of Building" means a vacant or underutilized building formerly used for residential, commercial, institutional or industrial uses, and involves the conversion or repurposing to a different category of use. "Affordable Housing" means a Dwelling Unit that is considered affordable under a provincial or federal funding program. "Application" means an application made under this Policy by an Applicant. "Applicant" means an Owner or the authorized representative of such Owner making an Application under this Policy with respect to a BIA or CBD Property, a Heritage Property or a DCCIP Property. "BIA" means the Business Improvement Area established under the Business Improvement Area By-Law. "BIA or CBD Property" means a Property located within the BIA or CBD zone. "BIA Levy" means the Special Business Improvement Levy established under the Business Improvement Area Levy By-Law. "Bicycle Parking" means bike racks, bike lockers, and bike lockups such as secure, weather protected bicycle parking stations and bike rooms. "Building" means a building as defined in the Building Code Administration Act, RSNB 2020, c. 8 and the Building By-Law. "Building Permit" means a building permit issued under the Building Code Administration Act and the Building By-Law. "Building Permit and Planning Fee Equivalent Grant" means a grant issued under this Policy being equal to the value paid by an Applicant to the City in fees for a Development, for the following: i. Development Permit; ii. Building Permit; iii. rezoning for a Municipal Plan By-Law or Zoning By-Law amendment; and iv. Variance Application and other Planning Advisory Committee Applications; Financial Incentive Program Policy for Downtown Core Community Improvement Plan (DCCIP) Area, Designated Heritage Properties, Downtown Business Improvement Area (BIA) and Central Business District (CBD) Page 3 of 38 These Grants do not include plumbing permit or demolition permit fees. "Building Permit Value" means the construction estimate at time of building permit. "CBD" means the Central Business District Zone established under the Zoning By-Law. "City" means The City of Moncton. "City-changing Project" means a proposed Development of a BIA or CBD Property outside of the DCCIP Area with a Building Permit Value of at least $10,000,000. "Council" means Moncton City Council. "DCCIP" means the Downtown Core Community Improvement Plan adopted by the City under the Municipal Plan By-Law. "DCCIP Area" means the geographic area in the City to which the DCCIP applies. "DCCIP Property" means a Property located within the DCCIP Area. "Development" means a construction project which is eligible to receive Grants under this Policy and includes a Redevelopment. "Development Permit" means a development permit issued under the Zoning By-Law. "Dwelling Unit" means one or more habitable rooms designed, occupied or intended for the exclusive use by one or more persons as an independent and separate housing unit in which a kitchen, sleeping and sanitary facilities are provided. "Energy Modelling Report" means an analysis of the energy consumption and GHG emission performance of a base case building designed to the 2020 National Building Code or the 2020 National Energy Code for buildings, as applicable and the analysis of the energy consumption and GHG emission performance of the actual design of the proposed project, undertaken by a qualified Professional Engineer, Architect, Certified Engineering Technologist, or Certified Energy Manager with energy modelling experience, using an appropriate energy simulation software (e.g., CanQuest, EnergyPlus). "Environmental Remediation" means the removal of contaminants and pollution, and mitigation of their negative impacts from an impacted site under the direction of a site professional to meet applicable Provincial and Federal Guidelines. "EV-Ready Parking" means parking spaces so equipped with an energized outlet capable of providing Level 2 charging (as defined by SAE International's J1772 standard) or higher to an electric vehicle occupying the parking space. Financial Incentive Program Policy for Downtown Core Community Improvement Plan (DCCIP) Area, Designated Heritage Properties, Downtown Business Improvement Area (BIA) and Central Business District (CBD) Page 4 of 38 "Final Building Inspection Review" means an inspection to be carried out by the employees or agents of the City responsible to apply the Building Code Administration Act and the Building By-Law, for the purpose of confirming that the building inspection process of the City is complete for a Development. "Final Building Permit Value" means the total Building Permit Value of all building permits for work contemplated at the time an Application is made under this Policy. "Grants" means the grants available to eligible Applicants under this Policy. "Grant Payment Agreement" means the Standard Form Agreement attached to this Policy as Schedule "D". For greater clarity, 'standard form' should be taken to mean that no material terms of the agreement shall be altered without the prior approval of Council. "Heritage Character" means character-defining elements such as but not limited to architectural details, styles, treatments, arrangements and distinct materials in keeping with Heritage Features observable in a nearby conservation area established under the Heritage Conservation Act, RSNB 2010, c H-4.05 and the Heritage Conservation By-Law. "Heritage Features" means externally observable character-defining elements of structures and areas including but not limited to symmetrical fenestration, decorative cornices, trims and mouldings, building columns, cornerstones, rounded porticos, entrances with pillars and archways, roman arches and dormer windows, unique roof pitches and designs, and distinctive building materials such as red brick, sandstone and stucco. Further information on these architectural details, styles, treatments, arrangements and distinct materials may be found in the Statements of Significance for designated Heritage Properties. "Heritage Property" means a Property located within a conservation area established under the Heritage Conservation Act and the Heritage Conservation By-Law. "Incremental Revenue" means the additional revenue received by the City within any given year that is generated by a Property due to the Redevelopment of a Property, not including water and wastewater charges. "Industrial Use" means the use of land, Buildings or structures for the manufacturing, processing, fabricating or assembly of raw materials or goods, warehousing or bulk storage of goods. "Lot" means a parcel of land described in a deed, transfer, or subdivision plan, used or intended to be used as the site of a Development, located in the DCCIP Area or being a Heritage Property, and which Lot bears a PID, or apparent PID, and a PAN. "Main Building" means the Building designed or used for the principal use on the Lot. "Mixed Use" means a Development, a Building or a complex of Buildings containing more than one main land use as defined in the Zoning By-Law. Financial Incentive Program Policy for Downtown Core Community Improvement Plan (DCCIP) Area, Designated Heritage Properties, Downtown Business Improvement Area (BIA) and Central Business District (CBD) Page 5 of 38 "Non-residential property" means: a) heavy industrial property, and b) all other real property except residential property. "Owner" means a Property's "registered owner" as defined under the Land Titles Act, RSNB 1981, c L- 1.1 or else a Property's apparent owner as determined in the records held by Service New Brunswick in accordance with the Registry Act, RSNB 1973, c R-6. "Parking Facilities" means Structured Parking, EV-Ready Parking, Parking Spaces or Bicycle Parking. "PAN" means Service New Brunswick Parcel Account Number. "PID" mean a Service New Brunswick Parcel Identification Number. "Property" see: Lot. "Public Infrastructure" means any one or combination of the following: i. Public streets (including curbing) or roadway extensions; ii. Public sidewalks or trails; iii. Public water, sanitary or storm systems; and. iv. Utility infrastructure (telecommunications, energy and gas) "Public Realm" means publicly-accessible streets, pathways, sidewalks, parks and open spaces which should be enhanced where possible by various improvements such as trees, landscaping, benches, decorative lighting, and public art. "Redevelopment" means either a new construction project on a Property additional to its pre-existing use or a renovation project intended to adapt or rehabilitate an existing use on a Property. This includes an infill, a proposed expansion, addition, or major facade change to an existing building, structure, or parking facility. "Redevelopment Grant" means an approved grant under this Policy for a Development, for which payment is determined in accordance with the Redevelopment Grant Formula based on the type of Application. "Redevelopment Grant Financial Model" means the explanation, illustration and sample application of the Redevelopment Grant Formula, which is found at Schedule "C" attached to this Policy. "Redevelopment Grant Formula" means the mathematical formula used to calculate and determine the payment of the Redevelopment Grant over a period of years, as described in Schedule "C" of this Policy. This formula considers the Final Building Permit Value, the percentages of the Non-Residential Use and Residential Use of the Development after the Final Building Inspection Review, and the Incremental Revenue associated with the Redevelopment. See also: Redevelopment Grant Financial Model. Financial Incentive Program Policy for Downtown Core Community Improvement Plan (DCCIP) Area, Designated Heritage Properties, Downtown Business Improvement Area (BIA) and Central Business District (CBD) Page 6 of 38 "Residential Use" means "residential property" as defined under the Assessment Act, RSNB 1973, c A- 14. "Structured Parking" means a structure, or portion thereof, comprised of one or more levels or floors used exclusively for the parking or storage of motor vehicles, including underground parking and parking at grade within a Building or structure. This does not include a Surface Parking Lot. "Surface Parking Lot" means an area that provides outdoor parking spaces for more than three (3) motor vehicles that is located wholly at ground level. "Sustainable Roofing" means a biodiverse vegetated green roof, or a cool roof system with an exterior surface that reflects the sun's rays and reduces heat build-up from the sun's thermal energy. "Tax" means "taxes" as defined under Real Property Tax Act, RSNB 1973, c R-2. "Tax Assessment" means the "real property assessment notice "as defined under Real Property Tax Act. "Tax Notice" means the "real property tax notice "as defined under the Assessment Act. "Under-Utilized Property" means a Property or a Building that is not utilized at its full potential and may be developed, repurposed, or converted into new Development. "Vacant Property" means a Lot or a portion thereof not occupied by a Building for at least three (3) years prior to an Application being made. A Development combining two (2) or more existing PIDs where one PID has an existing Building and the other PID is not considered a Vacant Property. "Variance Application" means a variance application made under the Zoning By-Law by an Applicant or an Owner to the City for a Development. 4. Policy 1. The following are the minimum eligibility requirements that must be met for Grants under this Policy: i. The Property for which the Grants are sought is a DCCIP Property, Heritage Property, or BIA or CBD Property. ii. The Property is not in violation of any City By-Laws. iii. The Applicant demonstrates to the City, and the City establishes that the proposed Development on the Property qualifies as at least one of the following: 1. A Redevelopment of Surface Parking Lot. 2. A Development on a Vacant Property or Under-Utilized Property. Financial Incentive Program Policy for Downtown Core Community Improvement Plan (DCCIP) Area, Designated Heritage Properties, Downtown Business Improvement Area (BIA) and Central Business District (CBD) Page 7 of 38 3. A Redevelopment of a Property which involves the demolition of Non-Residential Use, Residential Use or Industrial Use buildings. 4. A conversion of an Under-Utilized Property having a Non-Residential Use into a densified Residential Use of upper-level floors (e.g. apartments). 5. Rehabilitation or adaptation of the use of an existing Building. 6. The construction of a Parking Structure which must include Bicycle Parking and/or EV Ready Parking. iv. The proposed Development for the Property fully complies with City By-Laws. v. Where new housing is proposed in a Development, a minimum of 10% of all Dwelling Units are new affordable housing units. vi. The Final Building Permit Value of the proposed Development must be $1,000,000.00 or greater, unless the proposed Development is with respect to a Heritage Property or with respect to a City-changing Project. vii. The Final Building Permit Value of the proposed Development for a Heritage Property must be $500,000.00 or greater. viii. To be eligible for a Redevelopment Grant, the Development of a BIA or CBD Property as shown in the designated map (Schedule E) must qualify as a City-changing Project. ix. An Application for a Building Permit and Planning Fee Equivalent Grant must be for a Development located on a Vacant Property. x. The Applicant must submit an Application with all required information to the City before a Building Permit is applied for the proposed Development. 2. The following conditions are applicable for disbursements of any Grants under this Policy: i. Start of Construction of a proposed Development must commence no later than two (2) years following the date that Council approves an Application, otherwise the Application shall automatically expire and be null and void, without any further requirements of the City or the Applicant. ii. The Development has received the Final Building Inspection Review. iii. The Property is not in violation of any City By-Laws. iv. All required Affordable Housing remain affordable for a minimum period of 10 years. v. If the Development includes new affordable housing units, and where the affordability criteria are met through a CMHC or provincial subsidization program, which said program includes agreements or other conditions to monitor and enforce rental rates for compliance Financial Incentive Program Policy for Downtown Core Community Improvement Plan (DCCIP) Area, Designated Heritage Properties, Downtown Business Improvement Area (BIA) and Central Business District (CBD) Page 8 of 38 with the said affordability criteria, the Applicant must submit documentation to the City indicating acceptance into said program showing that all new affordable housing units will continue to be affordable throughout the required 10-year period. vi. If the Development includes new affordable housing units, and where the affordable criteria are met through separate means and not through a CMHC or provincial subsidization program, the Applicant must submit documentation to the satisfaction of the City (e.g. annual rent rolls) indicating that units continue to be affordable throughout the required 10-year period. vii. All applicable building and development fees, including but not limited to Development Permit, the Building Permit, rezoning for a Municipal Plan By-Law or Zoning By-Law amendment, Variance Application, and other Planning Advisory Committee applications, must have been paid in full to the City by the Applicant. viii. The Taxes and BIA Levy on the Property for which an Application is made are paid in full and not in arrears. ix. The Applicant must not: be bankrupt; have received orders against them; have made assignments for the benefit of creditors; have taken the benefit of a statute relating to bankrupt or insolvent debtors; or have had an order made or a resolution passed for their winding up. x. A Grant Payment Agreement has been signed by the City and the Applicant. xi. All other conditions under this Policy and the Grant Payment Agreement have been met. 3. The terms of Redevelopment Grants are as follows: i. With the exception of City-Changing Projects, Redevelopment Grants shall be paid on an annual basis for up to 5 years for projects with a Final Building Permit Value of less than $10,000,000, and up to 10 years for projects with a Building Permit Value of $10,000,000 or more. ii. Subject to 3.iii., Redevelopment Grants for City-changing Projects shall be paid on an annual basis for up to 3 years. iii. A Redevelopment Grant for a City-changing Project may be extended by an additional 2 years where the City-changing Project involves the installation of new Public Infrastructure, subject to the following conditions: a. The demonstrated need to install Public Infrastructure to enable the proposed City- changing Project; b. The Applicant must demonstrate that at least $500,000 of capital has been invested in Public Infrastructure following the date of the Application; Financial Incentive Program Policy for Downtown Core Community Improvement Plan (DCCIP) Area, Designated Heritage Properties, Downtown Business Improvement Area (BIA) and Central Business District (CBD) Page 9 of 38 c. All construction work related to municipal infrastructure (public streets, roadway extensions, public sidewalks or trails, public water, sanitary or storm systems) must be inspected and approved by the City. The City must receive a final report or letter of certification, in form satisfactory to the City, from a qualified professional for all work related to utility infrastructure (telecommunications, energy and gas); and d. Only one City-changing Project per Lot is eligible unless a proposed Development involves multiple City-changing Projects on adjacent Lots in which case each City- changing Project would be eligible for the 2-year extension. 4. Additional conditions for disbursements of Redevelopment Grants are as follows: i. A request to commence receiving Redevelopment Grant disbursements must be submitted by the Applicant no later than five (5) years following the date that Council approves an Application, otherwise the Application shall automatically expire and be null and void, without any further requirements of the City or the Applicant. ii. At the time the Applicant makes the request under 4.4.i. of this Policy, the City will calculate and apply the Redevelopment Grant Formula, using Residential Use and Non-Residential Use percentages from the most current and up to date Tax Assessment or Tax Notice. The Residential Use percentage is calculated as the Residential Assessment divided by the Total Assessment, and the Non-Residential Use percentage is calculated as the Non-Residential Assessment divided by the Total Assessment. This percentage breakdown of Residential versus Non-Residential use will be used for the duration of the grant payout and will not change in any year thereafter. At the time the Redevelopment Grant Formula is applied and calculated by the City, the annual Redevelopment Grant disbursements shall be determined and established. The Redevelopment Grant disbursement amounts determined and established at that time shall be the Redevelopment Grant disbursement payable by the City to the Applicant, and, subject to 4.4.iii., the City will not recalculate the Redevelopment Grant disbursement payable in subsequent years, despite any changes in Residential Use or Non-Residential Use percentages. iii. Although the Redevelopment Grant Formula is based on Final Building Permit Value, the maximum annual Redevelopment Grant disbursements to be made to the Applicant shall not exceed the Incremental Revenue received by the City annually for the subject Property. For the sole purpose of confirming that the Redevelopment Grant disbursements do not exceed the Incremental Revenue for a Property each year a Redevelopment Grant disbursement is payable to an Applicant, the City will perform a verification using the Redevelopment Grant Formula. iv. If in a given year the verification performed by the City as provided in 4.4.iii. does result in the Redevelopment Grant disbursement being higher than the incremental increase of revenue for a Property, the disbursement to be received by the Applicant for that year will not be the Redevelopment Grant disbursement as determined and established at 4.4.ii., but will instead be calculated as the Incremental Revenue generated by the Property in that year multiplied by the percentage of portion of Redevelopment Grant, established in the Financial Incentive Program Policy for Downtown Core Community Improvement Plan (DCCIP) Area, Designated Heritage Properties, Downtown Business Improvement Area (BIA) and Central Business District (CBD) Page 10 of 38 Redevelopment Grant Formula, for that given year. Schedule "C" provides examples of this scenario. 5. The following documentation must be provided by the Applicant to the City prior to any grant disbursements being made: i. Confirmations and proof of payment, in a form acceptable to the City, of Taxes for the Property; and, that no arrears, penalties or other amounts be shown as due and payable in relation to Taxes for the Property. ii. Confirmations and proofs of payment, in a form acceptable to the City, of any applicable BIA Levy, for the Property; and, that no arrears, penalties or other amounts will be shown as due and owed in relation to BIA Levy, for the Property. iii. Confirmations, in a form acceptable to the City, that any request of review or appeal of the assessed value of the Property is completely settled; and that there exists no other pending review or appeal which has not been settled completely in respect of the assessed value for the Property. iv. Where the owner is a body corporate, confirmation in a form acceptable to the City, that said body corporate is in good standing under the Business Corporations Act of New Brunswick, or the Canada Business Corporations Act. v. Up to date and current, as determined by the City, Certificates of Registered Ownership (CRO) for the Property, confirming the current Owner of the Property. vi. Confirmations, in a form acceptable to the City, that the Applicant and the Owner are not bankrupt; do not have any receiving orders made against them; have not made assignments for the benefit of creditors; are not taking the benefit of a statute relating to bankrupt or insolvent debtors; do not have orders made, or resolutions passed, for their winding up; and have not ceased operations. vii. Statutory declarations from the Applicant and the Owner in a form acceptable to the City, that since the Final Building Inspection Review, and to the knowledge of the Applicant and the Owner, no construction work has been completed to the Development without having obtained all applicable and required permits from the City, and that there has been no change of use or major change of occupancy, as defined in the National Building Code, of any part or portion of Development without having obtained all applicable and required permits. viii. Statutory declarations from the Applicant and the Owner in a form acceptable to the City that, to the knowledge of Applicant and the Owner, there exists no outstanding work order or other order, fine or administrative penalty issued by the City with respect to the Development. Financial Incentive Program Policy for Downtown Core Community Improvement Plan (DCCIP) Area, Designated Heritage Properties, Downtown Business Improvement Area (BIA) and Central Business District (CBD) Page 11 of 38 ix. Confirmation, in a form acceptable to the City, that the Development meets or exceeds the Affordable Housing requirements under the Policy. 6. Additional conditions for assignment of Grants are as follows: i. The Applicant shall not assign or in any way transfer any of its rights, privileges, duties or obligations under this Policy by means of any Grant Payment Agreement to which it is a party. ii. For further clarity, this means that the City will not enter into any Grant Payment Agreement between the Applicant and the City that includes any third parties, whether assignees or otherwise, and the City will not reopen or revise any Grant Payment Agreement between the Applicant and the City to include any third parties, whether assignees or otherwise. 7. Additional conditions for the expiration and cancellation of this Policy are as follows: i. The grant program described under this Policy shall expire on December 31, 2027, unless extended by resolution of Council. ii. For further clarity, all Applications must be received by November 12, 2027, and approved by Council before December 31, 2027, unless extended by resolution of Council. iii. This Policy is subject to cancellation and/or change at any time by the City, by resolution of Council, at its sole discretion. Financial Incentive Program Policy for Downtown Core Community Improvement Plan (DCCIP) Area, Designated Heritage Properties, Downtown Business Improvement Area (BIA) and Central Business District (CBD) Page 12 of 38 5. Schedule "A" FINANCIAL INCENTIVE GRANT APPLICATION FORM Section A Application Type PLEASE CHECK WHICH GRANT YOU ARE MAKING AN APPLICATION FOR:  Redevelopment Grant  Redevelopment Grant including Public Infrastructure component  Building Permit and Planning Fee Equivalent Grant PLEASE CHECK THE APPLICABLE AREA OR ZONE:  Downtown Core Community Improvement Plan Area  Downtown Business Improvement Area and Central Business District Zone Section B General Information and Instructions 1. An Application for the Redevelopment Grant, Redevelopment Grant including those relating to the Public Infrastructure component or Building Permit and Planning Fee Equivalent Grant must be submitted to the City of Moncton Economic Development Department prior to Start of Construction of the Development and prior to submitting an Application for a Building Permit. 2. The Application shall include reports, plans, estimates, contracts and other details as may be required to satisfy the City with respect to the eligible costs of the Development and conformity of the project with the City By-Laws; any and all costs associated with said reports, plans, estimates, contracts and other details shall be at the sole cost of the Applicant. 3. The City reserves the right to request a third-party audit at the sole cost of the Applicant justifying any Building Permit value. The third-party auditor shall be mutually agreed upon between the City and the Applicant. 4. Eligibility of the Development for Redevelopment Grant is evaluated on a point-based system described in Schedule "B" which is attached to and forms part of this Policy. 5. All Applicant recipients of the Redevelopment Grant or Building Permit and Planning Fee Equivalent Grant will be required to enter into a Grant Payment Agreement with the City, the Standard Form of which is attached to as "Schedule D" and form as part of this Policy. 6. All Applications shall be subject to final approval by Council. 7. If a representative is authorised to make an Application under this Policy on behalf of an Owner, an authorization as provided in Section G shall be completed and executed by the Owner. Financial Incentive Program Policy for Downtown Core Community Improvement Plan (DCCIP) Area, Designated Heritage Properties, Downtown Business Improvement Area (BIA) and Central Business District (CBD) Page 13 of 38 Section C Owner and Applicant / Agent Information Property Owner Information Name of Owner(s): Mailing Address of Owner: Phone: Fax: Email: Applicant / Agent Information Name of authorised representative: Mailing Address of authorised representative: Phone: Fax: Email: Section D Property Information Property Information Civic Address(es) of Property for which this Application is being submitted: Service New Brunswick Property Identification (PID) Number(s): Legal Description of Property (Lot and Plan Numbers): Existing Use: Financial Incentive Program Policy for Downtown Core Community Improvement Plan (DCCIP) Area, Designated Heritage Properties, Downtown Business Improvement Area (BIA) and Central Business District (CBD) Page 14 of 38 Are there existing buildings on site? (circle one) Yes (if yes, provide size below) No Building 1 area (sq. ft. or sq. m) Building 1 area (sq. ft. or sq. m) (Please list any additional buildings on separate sheet) Is the Property Heritage Property? (circle one) Yes No Is the Property in breach of any City by-law? (circle one) Yes No Section E Property Tax Information Current Tax Assessment or Tax Notice: * $ Estimated Tax Assessment or Tax Notice after Development: $ Current amount paid annually for Taxes: $ Estimated Taxes to be paid annually after Development: $ Is the Property in Tax arrears? (circle one) Yes No If yes, specify value of Tax arrears: $ *as per Policy, Applicant is to provide to the City the most current and up to date Tax Assessment or Tax Notice. Financial Incentive Program Policy for Downtown Core Community Improvement Plan (DCCIP) Area, Designated Heritage Properties, Downtown Business Improvement Area (BIA) and Central Business District (CBD) Page 15 of 38 Section F Development Information Provide a detailed Development description and rendering, including a detailed preliminary budget consistent with good estimating practices. Provide relevant information including, but not limited to, building size, type, construction materials, planned usage, number of stories, parking details and/or significant features of the proposed Development to take place (please attach detailed construction rendering/drawings): Development Information Estimated construction value of the proposed Development: (provide detailed budget estimate to support estimated value on separate sheet) $ Estimated construction start date (Month/Year): Estimated construction end date (Month/Year): Financial Incentive Program Policy for Downtown Core Community Improvement Plan (DCCIP) Area, Designated Heritage Properties, Downtown Business Improvement Area (BIA) and Central Business District (CBD) Page 16 of 38 Section G Authorization I, ________________________________________________________ am the Owner of the Property that is subject of this Application, and I hereby authorize our agent / solicitor _____________________________________________________ to make this Application and to act on my behalf regarding this Application. Dated at ________________, this _____ (day) of _______________(month), __________(year). __________________________________ ____________________________________ Name of Owner Signature of Owner Financial Incentive Program Policy for Downtown Core Community Improvement Plan (DCCIP) Area, Designated Heritage Properties, Downtown Business Improvement Area (BIA) and Central Business District (CBD) Page 17 of 38 Section H Undertaking I/WE HEREBY APPLY for a Grant under this Policy. I/WE HEREBY AGREE to abide by the terms and conditions of the Policy as specified in this Application. I/WE HEREBY AGREE to enter into a Grant Payment Agreement with the City of Moncton that specifies the terms and conditions. I/WE HEREBY AGREE to abide by the terms and conditions of the Grant Payment Agreement. I/WE HEREBY CERTIFY that the information contained in this Application is true, correct and complete in every respect and may be verified by the City by such inquiry as it deems appropriate, including inspection of the Property for which this Application is being made. I/WE HEREBY GRANT PERMISSION to the City, or its agents, to inspect the Property prior to, during, and after Environmental Remediation, site rehabilitation and project construction. I/WE HEREBY AGREE that the Policy for which Application has been made herein is subject to cancellation and/or change at any time by the City, by resolution of Council, in its sole discretion. Dated at _____________________________, this ___________ (day) of ____________________ (month), ______________ (year). __________________________________ ____________________________________ Name of Owner or Authorized Agent : Title: __________________________________ Signature of Owner or Authorized Agent: Financial Incentive Program Policy for Downtown Core Community Improvement Plan (DCCIP) Area, Designated Heritage Properties, Downtown Business Improvement Area (BIA) and Central Business District (CBD) Page 18 of 38 6. Schedule "B" GRANT EVALUATION FORM REDEVELOPMENT GRANT EVALUATION The Policy is to be administered by the City's Economic Development Department. All Applications will be evaluated by an inter-departmental working group made up of employees from Economic Development, Planning and Development, Engineering, Legal and Finance Departments. This group will be responsible for providing recommendations for Council's approval based on the Policy requirements. The evaluation system below determines eligibility under this Policy. The system evaluates Development proposals to achieve the City's desired development objectives. To be eligible for the Redevelopement Grant, a Development must achieve a minimum of 100 points based on the createria below. Developments will be awarded additional points based on the City's Development objectives in the table below. DEVELOPMENT FEATURES Points (up to) Earned Points Development Type The Applicant demonstrates to the City, and the City establishes that the proposed Development on the Property qualifies as at least one of the following: a) A Redevelopment of Surface Parking Lot. 50 b) A Development on a Vacant Property or Under-Utilized Property. c) A Redevelopment of a Property which involves the demolition of Non-Residential Use, Residential Use or Industrial Use buildings. Conversion of an Under-Utilized Property having a Non-Residential Use into a densified Residential Use of upper-level floors (e.g. apartments). d) Rehabilitation or adaptation of the use of an existing Building. e) The construction of a Parking Structure which must include Bicycle Parking and/or EV Ready Parking. Affordable Housing (per section 4.1.v) 10% of units are Affordable Housing Minimum requirement Minimum requirement  Yes  No 11% to 15% of dwelling units are Affordable Housing 10 Financial Incentive Program Policy for Downtown Core Community Improvement Plan (DCCIP) Area, Designated Heritage Properties, Downtown Business Improvement Area (BIA) and Central Business District (CBD) Page 19 of 38 16% to 20% of dwelling units are Affordable Housing 15 More than 20% of dwelling units are Affordable Housing 20 Dwelling Unit Density Dwelling units (4 to 12 units) 5 Dwelling units (12 to 49 unit) 10 Dwelling units ( greater than 50 unit) 15 Mixed Use Development The development contains a mix of at least two land uses (e.g., residential, retail/restaurant, office) 15 Public Realm Building and urban design enhances streetscape and overall public realm 10 Heritage Features Project complements Heritage Character in area 10 Parking Facilities At least 50% of all on-site parking spaces are provided through Structured Parking 10 At least 75% but less than 90% of on site parking is provided by structured parking 20 More than 90% of on site parking is provided by structured parking 25 EV Stations 10% of of all parking spaces provided have EV Stations 10 11% to 20% of parking spaces provided have EV Stations 15 More than 20% of parking spaces provided have EV Stations 20 Active Transportation The development includes both short-term and long-term bicycle parking spaces. Short-term spaces are intended for visitors and are provided by bicycle posts, racks, corrals, or docking stations, which allow a bicycle to be parked and secured by its frame, with two points of contact, in a stable position. Long-term spaces are intended for residents and employees and have controlled-access either within a bicycle locker, a building, or a roofed structure. The area in which the spaces are located must be secure (enclosed on four sides with a lockable gateway or doorway), and protected against inclement weather. 10 The development considers traffic demand management best practices by offering features such as: 1) Information regarding public transit is provided in an accessible and visible location on site; 10 Financial Incentive Program Policy for Downtown Core Community Improvement Plan (DCCIP) Area, Designated Heritage Properties, Downtown Business Improvement Area (BIA) and Central Business District (CBD) Page 20 of 38 2) The number of bicycle parking spaces exceed minimum zoning requirements; 3) Buildings with places of employment provide showers and change rooms for employees who are active transportation commuters; 4) Building owner/operator will make available subsidized transit passes (minimum 25% subsidy) for all occupants for a period of 2 years; 5) Development offers a connection to an active transportation trail. Energy Modelling Report Report shows energy demand that meets Tier 3 of the 2020 National Building Code of Canada or Tier 3 of the 2020 National Energy Code for Buildings, as applicable. 10 Building is net-zero ready, that is, (a) report shows at least 80% decrease in energy demand relative to Tier 2 of the 2020 National Building Code of Canada or to Tier 2 of the 2020 National Energy Code for Buildings, as applicable, AND (b) building includes electrical, heating and other equipment capacity to incorporate on-site renewable energy sufficient to meet the remaining energy demand. 20 Sustainable Roofing The building utilizes sustainable green roof design (at least 50% of roof area) 10 Economic or Cultural Benefit(s) The development will support a vibrant downtown with growth objectives as: 1) A centre of downtown employment by adding to the workforce in the downtown; 2) A cultural or tourism offering which attracts citizens, tourists and commerce into the downtown. 10 Total earned Points Financial Incentive Program Policy for Downtown Core Community Improvement Plan (DCCIP) Area, Designated Heritage Properties, Downtown Business Improvement Area (BIA) and Central Business District (CBD) Page 21 of 38 7. Schedule "C" The Grant Disbursements will be determined by applying the Redevelopment Grant Formula which will be paid to an Applicant on a declining scale over the terms of the Grant Payment Agreement. Grant Payout Formula: (Residential Building Permit Value x Grant Rate Residential) + (Non-Residential Building Permit value x Grant Rate Non-Residential) Financial Incentive Program Policy for Downtown Core Community Improvement Plan (DCCIP) Area, Designated Heritage Properties, Downtown Business Improvement Area (BIA) and Central Business District (CBD) Page 22 of 38 Downtown Core Community Improvement Plan Area & Designated Heritage Properties Financial model example of $10 million development: Financial Incentive Program Policy for Downtown Core Community Improvement Plan (DCCIP) Area, Designated Heritage Properties, Downtown Business Improvement Area (BIA) and Central Business District (CBD) Page 23 of 38 Downtown Core Community Improvement Plan Area & Designated Heritage Properties Financial model example of $5 million development: Financial Incentive Program Policy for Downtown Core Community Improvement Plan (DCCIP) Area, Designated Heritage Properties, Downtown Business Improvement Area (BIA) and Central Business District (CBD) Page 24 of 38 Downtown Business Improvement Area (BIA) and Central Business District Zone (CBD) Financial model example of $15 million development including Public Infrastructure component: Financial Incentive Program Policy for Downtown Core Community Improvement Plan (DCCIP) Area, Designated Heritage Properties, Downtown Business Improvement Area (BIA) and Central Business District (CBD) Page 25 of 38 Downtown Business Improvement Area (BIA) and Central Business District Zone (CBD) Financial model example of $15 million development: Financial Incentive Program Policy for Downtown Core Community Improvement Plan (DCCIP) Area, Designated Heritage Properties, Downtown Business Improvement Area (BIA) and Central Business District (CBD) Page 26 of 38 8. Schedule "D" THIS IS A STANDARD FORM AGREEMENT - NO MATERIAL TERMS SHALL BE ALTERED WITHOUT THE PRIOR APPROVAL OF COUNCIL GRANT PAYMENT AGREEMENT THIS AGREEMENT made in Duplicate this ______ day of______________, 202_. BETWEEN: [Insert Name of Applicant Owner], a body corporate duly incorporated under the laws of [Insert jurisdiction of incorporation of Applicant Owner], having its registered address at: [Insert address of Applicant Owner] (the "APPLICANT") OF THE FIRST PART - and - CITY OF MONCTON, a body corporate under the laws of the Province of New Brunswick, duly incorporated under and by virtue of a Special Act of the Legislative Assembly of the Province of New Brunswick, having its address at: 655 Main Street Moncton, NB E1C 1E8 (the "CITY") OF THE SECOND PART WHEREAS: 1. The CITY has adopted the Financial Incentive Program Policy for Downtown Core Community Improvement Plan (DCCIP) Area Properties, Designated Heritage Properties, Downtown Business Improvement Area (BIA) and Central Business District (CBD) Zone Properties consisting of a Redevelopment Grant and a Building Permit and Planning Fee Equivalent Grant (hereinafter the "Grant Policy"); 2. The Redevelopment Grant is intended to provide a financial incentive to eligible property owners who rehabilitate and develop adaptive re-use plans for lands and/or buildings that are contaminated, under- utilized or vacant; 3. The Building Permit and Planning Fee Equivalent Grant is intended to provide grants, to eligible property owners of vacant properties, equal to the cost of fees for Development and Building Permits, Municipal Plan and Zoning By-law amendments, variances, and other Planning Advisory Committee applications; 4. The APPLICANT made an Application to the CITY under the Grant Policy to receive grant funds (hereinafter the "Grant Funds") for the erection of/renovation to a building (hereinafter the "Development Project"), located at civic address [Insert civic number and Street], in the City of Moncton, County of Westmorland and Province of New Brunswick, having Service New Brunswick Parcel Identification (PID) Number(s) [Insert PID(s)] (hereinafter the "Property"); 5. Moncton City Council approved the Application for a Grant made by the APPLICANT, and it was determined by the CITY that the APPLICANT did qualify to receive Grant Funds for the Development Project, upon certain terms and conditions; Financial Incentive Program Policy for Downtown Core Community Improvement Plan (DCCIP) Area, Designated Heritage Properties, Downtown Business Improvement Area (BIA) and Central Business District (CBD) Page 27 of 38 6. On or about [Insert Date], the Final Building Inspection Review of the Development Project was completed by the CITY; 7. The APPLICANT is the registered owner of the Property; 8. The Grant Funds awarded by the CITY pursuant to the Redevelopment Grant are calculated and determined using the Redevelopment Grant Formula for a given project; 9. The Grant Funds awarded by the CITY pursuant to the Building Permit and Planning Fee Equivalent Grant are equal to one hundred percent of the eligible development fees paid by an Applicant; 10. The CITY is desirous of providing Grant Funds to the APPLICANT for the Development Project pursuant to the Grant Policy upon certain terms and conditions, and the APPLICANT is desirous of obtaining Grant Funds from the CITY upon certain terms and conditions; and 11. The details of the terms and conditions for the payment and receipt of Grant Funds are hereby set forth in the present Agreement. NOW THEREFORE this Indenture witnesseth that in consideration of the mutual covenants and agreements herein contained and other good and valuable consideration now paid by each party to the other (the receipt and sufficiency of which is acknowledged), the parties hereby mutually covenant and agree as follows: 1.00 GRANT POLICY i. The Grant Policy is hereby attached to this Agreement as "Appendix 1", and forms part of this Agreement. In the event of a conflict between the Grant Policy and this Agreement, this Agreement shall prevail. All terms highlighted in bold in this Agreement shall have the meaning ascribed to said term in the Grant Policy. 2.00 TERMS AND CONDITIONS OF GRANTS 2.01 Terms of Payment of Grant Funds for the Building Permit and Planning Fee Equivalent Grant The APPLICANT and the CITY covenant and agree that: i. the Building Permit and Planning Fee Equivalent Grant to be paid to the APPLICANT under this Agreement shall be in an amount equal to the fees paid by the APPLICANT for its Development Permit, Building Permit, any applicable rezoning application fees for a Municipal Plan By-law or Zoning By-law amendment, Variance Application fees, and any other applicable Planning Advisory Committee application fees, as determined by the CITY in its sole discretion. For greater certainty, no other City fees or charges shall be eligible for reimbursement under this Agreement; and ii. prior to receiving a disbursement in accordance with the Building Permit and Planning Fee Equivalent Grant, the APPLICANT authorizes all necessary agents from the CITY to enter upon and access the Property to conduct the CITY's inspection of the Development Project to confirm that the building inspection process, as established and determined by the CITY and defined in the Grant Policy, has been completed; that construction was completed in general conformity with the plans submitted with the Building Permit Application, and that the CITY has confirmed same and that all building inspection processes have been completed to the satisfaction of the CITY. For further clarity, the Development Financial Incentive Program Policy for Downtown Core Community Improvement Plan (DCCIP) Area, Designated Heritage Properties, Downtown Business Improvement Area (BIA) and Central Business District (CBD) Page 28 of 38 Project is only considered complete after the Building Inspection Department of the CITY provides confirmation that the building inspection process, as established and determined by the CITY for the Development Project, is completed. 2.02 Terms of Payment of Redevelopment Grant Funds i. The parties covenant and agree that: a) the Development Project is a [Insert applicable: combined residential and non- residential or residential or non-residential] development. b) the Final Building Permit Value for the Development Project to be used in the Redevelopment Grant Formula is [Insert value], as determined by the CITY, in its sole discretion, having made its Final Building Inspection Review once the Development Project was complete; c) the information contained in Schedule "A" to this Agreement shows an estimate of the maximum possible Grant Fund disbursements, and is for illustrative purposes only, recognizing that Grant Fund disbursements shall be determined and established as described at 2.02 i) d) herein. The maximum total of Grant Funds will consist of annual disbursements in accordance with the type of Application made under the Grant Policy, to be received by the APPLICANT from the CITY pursuant to the Redevelopment Grant and this Agreement, and for further clarity, annual disbursements may be less but shall not exceed the total amounts for each year as illustrated in Schedule "A" to this Agreement. In any given year that a disbursement of Grant Funds is payable by the CITY to the APPLICANT pursuant to the Redevelopment Grant and this Agreement, such disbursement shall be subject to any applicable reduction as described at 2.02 i) e) herein; d) after the CITY's inspection is complete, and at the time the APPLICANT makes its first request to the CITY for a disbursement of Grant Funds pursuant to the Redevelopment Grant and this Agreement, the CITY will calculate and apply the Redevelopment Grant Formula established and found in the most recent edition of the Grant Policy. Subject to 2.02 i) e), the amounts determined and established at that time shall be the Grant Funds disbursements payable by the CITY to the APPLICANT, and the CITY will not recalculate the disbursements payable in subsequent years; e) each year a disbursement is owed to the APPLICANT by the CITY pursuant to the Redevelopment Grant and this Agreement, the CITY will perform a verification using the Redevelopment Grant Formula, for the only purpose of confirming that a disbursement of a given year does not exceed the incremental revenue received by the CITY generated by the Development Project. In the event that in a given year the verification performed by the CITY does result in the Grant Funds disbursement being higher than the incremental increase of revenue, the disbursement to be received by the APPLICANT for that year will not be the Grant Funds disbursement as determined and established at 2.02 i) d), but will be calculated as follows: the incremental revenue generated by the Development Financial Incentive Program Policy for Downtown Core Community Improvement Plan (DCCIP) Area, Designated Heritage Properties, Downtown Business Improvement Area (BIA) and Central Business District (CBD) Page 29 of 38 Project in that year multiplied by the percentage of portion of Grant, established in the Redevelopment Grant Formula, for that given year. ii. Subject to 2.02 i) of this Agreement, the parties further hereby covenant and agree that in accordance with the Redevelopment Grant, and this Agreement, the Grant Funds to be received by the APPLICANT from the CITY, shall be paid in consecutive years, and shall not be carried over from one year to another. In the event that no request for payment of Grant Funds is received from the APPLICANT before December 1st of the year a disbursement of Grant Funds is payable, the APPLICANT shall have automatically forfeited its right and entitlement to claim and receive said Grant Funds for that year. 2.03 Covenants and Obligations of the APPLICANT to receive Grant Funds i. the APPLICANT and the CITY covenant and agree that prior to receiving the Disbursement in accordance with the Redevelopment Grant and the present Agreement, as provided at 2.02 i) herein, the APPLICANT authorizes all necessary employees and agents from the CITY to enter upon and access the Property, in order for said employees or agents of the CITY to conduct the Final Building Inspection Review of the Development Project, and that no deficiencies will be noted from said inspection for the Development Project. ii. The parties to the present Agreement further hereby covenant and agree that all Redevelopment Grant Disbursements in accordance with the Grant Policy and the present Agreement shall be payable after the 1st of July of each disbursement year, and conditional upon the APPLICANT fulfilling all obligations contained in the Grant Policy and the present Agreement. iii. the APPLICANT covenants and agrees with the CITY that Grant Funds disbursements for each year of the Redevelopment Grant is payable, in accordance with the Grant Policy and the present Agreement, shall not be payable until the APPLICANT at its sole cost, provides CITY each confirmation, as required and listed in the Grant Policy. iv. the APPLICANT covenants and agrees that it has read the Grant Policy and this Agreement, understands them and agrees to be bound by their terms and conditions. 3.00 TERMINATION AND OVERPAYMENT 3.01 Events of Default The following shall constitute and be considered Events of Default for the purposes of the present Agreement: i. the APPLICANT becomes bankrupt, has a receiving order made against it, makes an assignment for the benefit of creditors, takes the benefit of a statute relating to bankrupt or insolvent debtor or an order is made or resolution passed for the winding up of the APPLICANT; ii. the APPLICANT ceases its corporate existence; Financial Incentive Program Policy for Downtown Core Community Improvement Plan (DCCIP) Area, Designated Heritage Properties, Downtown Business Improvement Area (BIA) and Central Business District (CBD) Page 30 of 38 iii. the APPLICANT is in breach of the performance of, or compliance with any provision of the present Agreement; iv. the APPLICANT, in support of its obligations under the present Agreement, has made a materially false or misleading representations, statements or declarations, or provided materially false or misleading information to the CITY; and, v. the Property is not maintained in its rehabilitated condition, or such other condition as may be required by CITY by-laws. 3.02 Termination for Default i. If an Event of Default: a) specified in clauses 3.01 i) or ii), or 3.04 occurs, or; b) specified in clauses 3.01 iii), iv) or v) occurs, and has not been remedied within thirty (30) days of receipt by the APPLICANT of written notice or default or within such longer period as the CITY may specify, or a plan satisfactory to the CITY, acting reasonably, to remedy such Event of Default has not been put into place within such a time period; the CITY may, at its absolute discretion, terminate this agreement by written notice to the APPLICANT, to the address specified herein for Notice, at which time all obligations for future payments by the CITY hereunder terminate; further payments previously made to the APPLICANT will, if required by the CITY, be repaid to the CITY within 90 days of said Notice. ii. The CITY retains the right at all times not to make any or all the Grant Funds disbursements or to delay payment in the event of non-compliance by the APPLICANT with the present Agreement. Without limiting the generality of the foregoing, the Grant is conditional upon periodic reviews satisfactory to the CITY to there being no material adverse change in the redevelopment and to there being compliance on the part of the APPLICANT with all other requirements contained in the present Agreement. 3.03 Termination for Convenience i. Under resolution of Moncton City Council, the CITY may at any time terminate the Grant Policy and cease disbursements of Grant Funds under this Agreement, in its sole discretion. Despite the foregoing, where this Agreement has been executed, the City's termination or amendment of the Policy will not affect disbursements otherwise payable under this Agreement, except as expressly provided herein. 3.04 Overpayment i. In the event that the CITY disburses to the APPLICANT any Grant Funds payments in excess of what the APPLICANT is actually owed in any given year based on the terms of the Grant Policy or this Agreement, the APPLICANT agrees to reimburse the CITY any overpayment within 30 days, otherwise the APPLICANT may be considered in default under this Agreement. In its sole discretion, the CITY may also elect to reduce any disbursement of Grant Funds owing in any future years by any amount owing under this section if the APPLICANT is unable or unwilling to reimburse the CITY as required under this section. Financial Incentive Program Policy for Downtown Core Community Improvement Plan (DCCIP) Area, Designated Heritage Properties, Downtown Business Improvement Area (BIA) and Central Business District (CBD) Page 31 of 38 4.00 INDEMNITY, RELATIONSHIP AND LIABILITY 4.01 Indemnity from the APPLICANT in favour of the CITY i. Without limiting the generality of the foregoing, the APPLICANT hereby agrees to keep harmless, defend and fully indemnify the CITY, its directors, officers, agents, servants and employees, and their successors and assigns, from and against all actions, claims, demands, proceedings, losses, damages, liabilities, deficiencies and cost and expenses arising out of or in consequence or any losses, injury or damages whatsoever which may be brought against or made upon the CITY, its directors, officers, agents, servants and employees, and their successors and assigns, to the extent caused by any breach by the APPLICANT of its obligations under this present Agreement. ii. This indemnity shall survive any termination of the present Agreement. 4.02 Relationship of the parties and Non-Lability of the CITY i. The management and supervision of the Development Project are the sole and absolute responsibility of the APPLICANT. The APPLICANT is not in any way authorized to make a promise, agreement or contract on behalf of the CITY. The present Agreement is a grant agreement only, not a contract obtaining services or a contract of service of employment. The CITY's responsibility is limited to providing Grant Funds to the APPLICANT pursuant to the Redevelopment Grant. Nothing in this Agreement shall be deemed to create or be construed as creating the relationship of principal and agent or a partnership or a joint venture between or amongst the CITY and the other parties to this Agreement. Neither party shall, as a result of this Agreement have any fiduciary obligations to the other party. ii. Nothing in the present Agreement creates any undertaking, commitment or obligation by the CITY respecting additional or future obligations of the Development Project beyond the terms set out in the present Agreement, or that exceeds the amount of Grant Fund as set out in the present Agreement. The CITY shall not be liable for any loan, capital lease or other long-term obligation which the APPLICANT may enter into in relation to carrying out its responsibilities under the present Agreement or for any obligation incurred by the APPLICANT towards another party in relation to the Development Project. iii. the APPLICANT shall not incur any obligation on behalf of the CITY. 5.00 INTERPRETATION 5.01 Recitals i. The recitals to this Agreement, which the parties believe to be true, are intended to form an integral part of this Agreement. 5.02 Exercise and Enforcement of Rights i. Each of the parties shall perform its obligations under this Agreement and shall, except as otherwise expressly provided, act reasonably in the exercise and the enforcement of its rights under this Agreement. Each right shall, except as otherwise expressly provided, be exercisable and enforceable from time to time. 5.03 Headings, Divisions and Schedules Financial Incentive Program Policy for Downtown Core Community Improvement Plan (DCCIP) Area, Designated Heritage Properties, Downtown Business Improvement Area (BIA) and Central Business District (CBD) Page 32 of 38 i. The headings of any Article or Section are inserted for convenience only and do not form part of this Agreement. All references in this Agreement to Articles and Sections are to those in this Agreement. 5.04 Governing Law i. This Agreement shall be governed by the laws of the Province of New Brunswick and the laws of Canada applicable therein and shall be treated in all respects as a New Brunswick contract. Each of the parties irrevocably attorns to the jurisdiction of the courts of the Province of New Brunswick. 5.05 Access to Information i. The APPLICANT acknowledges that the CITY is subject to the Province of New Brunswick's Right to Information and Protection of Privacy Act (hereinafter "RTIPPA"), and that the present Agreement, or portions thereof, may be subject to disclosure in accordance with the provisions of RTIPPA. 5.06 Defined Terms i. The APPLICANT and the CITY covenant and agree that terms used in this Agreement which are defined in the Grant Policy shall carry the same meaning as defined in the Grant Policy. 5.07 Gender and Number i. Words importing the singular number only shall include the plural, and vice versa, and words importing the masculine gender shall include the feminine gender and neuter gender, and words importing persons shall include firms and corporations, and vice versa. 5.08 Amendments i. No amendment or modification of this Agreement shall be binding unless in writing and signed by the parties. 5.09 Waiver i. No delay or omission by any party to exercise any right accruing upon a default by the other party will impair any such right or be construed as a waiver thereof, and no waiver by any party of any of the covenants, conditions, or agreements hereof to be performed by the other party will be construed as a waiver of any succeeding breach thereof or of any other covenant, condition, or agreement. 5.10 Notice i. All notices, requests or other communications (hereinafter "Notice") to be given pursuant to this Agreement shall be given in writing and either be mailed postage prepaid or be delivered by personal delivery during normal business hours on business days, as the case may be: a) In the case of any of the CITY OF MONCTON to: c/o Legal and Legislative Services City Hall 655 Main Street Moncton, NB E1C 1E8 Attention: City Clerk Email: [email protected] Financial Incentive Program Policy for Downtown Core Community Improvement Plan (DCCIP) Area, Designated Heritage Properties, Downtown Business Improvement Area (BIA) and Central Business District (CBD) Page 33 of 38 b) In the case of the APPLICANT to: [Insert address of Applicant or Owner] Attention: [Insert contact name for Applicant or Owner] Email: [Insert email address to contact Applicant or Owner] ii. Any party may at any time give Notice to the other party of any change of address of the party giving such Notice and from and after the giving of such Notice, the address therein specified shall be deemed to be the address of such party for the purpose of giving such Notice. Any Notice so given, if delivered, shall be deemed to be given on the date of delivery thereof or, if mailed, shall be deemed to have been received on the third business day following the day of which such Notice is mailed (except during a postal strike or anticipated postal disruption in which case such notice shall be delivered by personal delivery). 5.11 Time i. Time shall be of the essence of this Agreement. 5.12 Further Assurances i. The Parties and their successors and assigns shall execute and deliver such additional documents and instruments and shall perform such additional acts as may be necessary or appropriate in connection with this Agreement and all matters contemplated hereby to effect, carry out, and perform the intent of this Agreement and all of the obligations and agreements contained herein. 5.13 Survival i. The obligations of the parties which by their nature would continue beyond the termination or cancellation of this Agreement, including, but not limited to indemnity obligations, shall survive such termination or cancellation. 5.14 Illegality i. If any provision of this Agreement or its application to a person or circumstance is, to any extent, invalid, illegal, or unenforceable, it shall be considered separate and severable from this Agreement, and the remaining provisions of this Agreement or the application of the provision s to persons or circumstances other than those as to which it is invalid, illegal, or unenforceable shall remain in full force as though such invalid, illegal, or unenforceable provision or application had never been included. 5.15 Waiver of Rights i. Except as expressly provided in the present Agreement, any waiver of, or consent to depart from, the requirements of any provision of this Agreement shall be effective only if it is in writing and signed by the party giving it, and only in the specific instance and for the specific purpose for which it has been given. No failure on the part of a party to exercise, and no delay in exercising, any right under the present Agreement shall operate as a waiver of such right. No single or partial exercise of any such right shall preclude any other or further exercise of such right or the exercise of any other right. Financial Incentive Program Policy for Downtown Core Community Improvement Plan (DCCIP) Area, Designated Heritage Properties, Downtown Business Improvement Area (BIA) and Central Business District (CBD) Page 34 of 38 5.16 Assignment i. The APPLICANT shall not assign or in any way transfer the present Agreement or any of its rights, privileges, duties or obligations under the present Agreement. 5.17 Successors and Assigns i. This Agreement shall enure to the benefit of and be binding upon the parties and their respective successors and assigns. 5.18 Counterparts i. This Agreement may be signed in any number of counterparts, each of which is an original, and all of which taken together constitute one single document. IN WITNESS WHEREOF the Parties have executed this Agreement as of the date first written above. [Insert Name of Applicant or Owner] Per: Per: Name: [Insert Name] Title: [Insert Title] Name: [Insert Name] Title: [Insert Title] [Insert Name and title in the Corporation.] [Affix corporate seal.] I/we have authority to bind the corporation. CITY OF MONCTON Per: Per: Name: [Insert Name] Title: Mayor Name: [Insert Name] Title: City Clerk [Affix seal.] Financial Incentive Program Policy for Downtown Core Community Improvement Plan (DCCIP) Area, Designated Heritage Properties, Downtown Business Improvement Area (BIA) and Central Business District (CBD) Page 35 of 38 Schedule "A" ***FOR ILLUSTRATIVE PURPOSES ONLY*** Disbursements Schedule for the Redevelopment Grant Non-Residential building permit valued at $[Insert value] and Residential building permit valued at $[Insert value] Year 1 Maximum possible Disbursement Year 2 Maximum possible Disbursement Year 3 Maximum possible Disbursement Year 4 Maximum possible Disbursement Year 5 Maximum possible Disbursement Year 6 Maximum possible Disbursement Year 7 Maximum possible Disbursement Year 8 Maximum possible Disbursement Year 9 Maximum possible Disbursement Year 10 Maximum possible Disbursement $ $ $ $ $ $ $ $ $ $ Financial Incentive Program Policy for Downtown Core Community Improvement Plan (DCCIP) Area, Designated Heritage Properties, Downtown Business Improvement Area (BIA) and Central Business District (CBD) Page 36 of 38 PROVINCE OF NEW BRUNSWICK COUNTY OF WESTMORLAND TO WIT: I, [Insert Name], of [Insert City], in the County of Westmorland and Province of New Brunswick make oath and say: 1. THAT I am the [Insert Title] of [Insert Name of Applicant or Owner], and I have the custody of the corporate seal of the said Corporation. 2. THAT the seal affixed to the foregoing Indenture and purporting to be the corporate seal of the said corporation is the seal of such corporation, and was affixed by me by order of the Board of Directors of the said Corporation in accordance with a resolution of the Board. 3. THAT the signature "[Insert Name]" to the said Indenture subscribed as [Insert Title] of the said corporation is in the true and proper handwriting of them, the said [Insert Title], and was signed by them in my presence; and the signature "[Insert Name]" to the aforegoing indenture subscribed as [Insert Title] is in my true and proper handwriting. SWORN TO at the City of Moncton ) in the County of Westmorland ) and Province of New Brunswick ) this day of ___________, 20__, ) ) BEFORE ME: ) ) ) ) ) ___________________________ A Commissioner of Oaths ) [Insert Name] Financial Incentive Program Policy for Downtown Core Community Improvement Plan (DCCIP) Area, Designated Heritage Properties, Downtown Business Improvement Area (BIA) and Central Business District (CBD) Page 37 of 38 PROVINCE OF NEW BRUNSWICK COUNTY OF WESTMORLAND TO WIT: I, [Insert Name], of the City of Moncton in the County of Westmorland and Province of New Brunswick, MAKE OATH AND SAY: 1. THAT I am the City Clerk of the City of Moncton and [Insert Name] is the Mayor of the said City. 2. THAT as the City Clerk of the City of Moncton I have custody of the common seal of the City of Moncton and am duly authorized to affix the seal to any indenture made by the City of Moncton. 3. THAT the seal affixed to the aforegoing indenture is the common seal of the City of Moncton and such seal was by me affixed thereto by order of the City Council of the City of Moncton and for the purposes therein set forth. 4. THAT the signature "--------------------------------" to the said indenture subscribed as Mayor, is in the true and proper handwriting of them, the said [Insert Name of Mayor] , and was signed by them in my presence; and the signature "[Insert Name]" to the aforegoing indenture subscribed as City Clerk is in my true and proper handwriting. SWORN TO at the City of Moncton ) in the County of Westmorland and ) Province of New Brunswick ) this day of _____________ 20__, ) ) BEFORE ME: ) ) ) ) ) _______________________________ A Commissioner of Oaths [Insert Name] Financial Incentive Program Policy for Downtown Core Community Improvement Plan (DCCIP) Area, Designated Heritage Properties, Downtown Business Improvement Area (BIA) and Central Business District (CBD) Page 38 of 38 9. Schedule "E" Map 10. Administration and Contact Economic Development Department City of Moncton 655 Main St., Moncton, NB E1C 1E8 Telephone: 844.225.0222 Email: [email protected] www.moncton.ca