OTHERAPPROVED

City of St. Thomas Council Meeting Agenda May 19, 2026

CIP grant package for Walnut Park rental project

Residential Grant up to $100,000; Planning and Building Fees Grant up to $5,000; Development Charge Grant estimated at $176,023; Tax Increment Grant estimated foregone tax revenue of approximately $25,500 over four years based on 2025 taxation levelsCity of St. ThomasWALNUT PARK INCMay 19, 2026

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Description

The City of St. Thomas plans to award multiple Community Improvement Plan grants to Walnut Park Inc. for a new five-storey, 46-unit rental building at 65 Walnut Street, with an estimated project value of $13 million. Support will include a residential grant, development charge grant, tax increment grant, and planning and building fees grant, with funding issued upon project completion.

Contract Details

Contract Amount

Vendor

WALNUT PARK INC

Agency

City of St. Thomas, Canada

Contract Type

OTHER

Document Date

May 19, 2026

Contract Term

Tax Increment Grant over a 5-year period (phased abatements years 1–5)

Renewal Info

Tax Increment Grant structured with stepped abatements: 80% in year 1, 60% in year 2, 40% in year 3, 20% in year 4, and 0% in year 5; grant values contingent on MPAC reassessment and issued post-completion.

Issuing Agency