A committee will take another look at the City’s Community Improvement Plan before recommending where and how much funds will be allocated.
A $250,000 transfer of funds to top up the depleted incentive program has been put on hold by North Bay City Council to allow for more discussion before moving forward, a move urged by Councillor Mike Anthony.
Anthony suggested at Tuesday’s regular meeting of Council that reports from staff on the businesses that have received incentives under the CIP would be appropriate before proceeding, adding that the program makes for a good news story for business.
Chair of Community Services Mark King referred the matter back to the committee level as his colleagues advocated taking a step back to better examine the particulars.
Aid from the Community Improvement Plan may be requested by new and growing businesses in the form of grants, tax breaks, and rebates.
Three areas of the city are included in the plan: downtown, brownfield, and airport.
Councillor Derek Shogren said at Tuesday’s meeting that he would like to see the incentives extended to the West Ferris and Pinewood Park areas, as well.
The $250,000 infusion would come from the $25 million associated with the “Mayor’s Plan,” a reserve fund of money that was owed by North Bay Hydro and is to be utilized for capital projects, operations, and debt reduction.
According to a staff report, requests for incentives are nearing the total funds available for the program.