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Derelict Building Owner Making Use of City Grants, Loans

Tuesday, 18 June 2013 11:10

It's a positive sign for downtown Woodstock. A Dundas St. property owner is looking to leverage $75,000 worth of city grants and interest free loans to spruce up his property. Mark Robertson owns 384 Dundas St., (in photo) and is not only looking to do some work on the facade of his building, but is also looking to renovate to add commercial space on the main floor, and 4 new apartment units on the upper floors. If council approves, it will be the first successful application under the city's new Community Improvement Plan. Last year, the city revamped the program so property owners could "stack" - or bundle multiple city incentives to rejuvenate the downtown. Mayor Pat Sobeski hopes this project will get other downtown property owners interested in the program. "We hope he's very successful in the project. We're hopeful that other downtown property owners will take a look at this and also start to realize that there are some benefits, that the city's prepared to help leverage some of their dollars to help improve the downtown." Robertson is putting up $200,000 of his own capital, in leveraging $32,000 in grant money from the city, and $55,000 in interest free loans. Sobeski says, "This is a large project, but a number of smaller projects could also qualify." The city has $1-million in a fund to go towards the Community Improvement Plan. Here's how this one breaks down: Facade Grant: $10,000 Facade Loan: $15,000 Residential Conversion Grant ($5000 per unit): $20,000 Residential Conversion Loan ($10,000 per unit): $40,000 Grant in lieu of Permit Fees: $750 Design Grant: $1500

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