Richmond Hill Office Development and Village Revitalization Community Improvement Plan

The TIEG program leverages the increased assessment and property taxation generated by office development and reduces costs of development by: • Providing a grant equivalent to the municipal portion of the property tax for a new office development; and • Limiting the total impact of increased assessment and property taxes as a result of the development by phasing the increases in over a maximum pe. [...] The program is structured as follows: • The maximum amount of the grant is 90% of the annual tax increment, over the agreed base assessment and property tax liability in Year 1, declining by 10% per annum; • The maximum duration of the program is 10 years; and • The maximum total grant amount is limited to the lesser of the total tax increment over the duration of the program or the total eligible. [...] The commencement date for the program (for purposes of calculating the increment) will be at the discretion of the City of Richmond Hill following discussions with the applicant based on the merits of the development project and resulting estimates of tax increment grant created by the development project over time. [...] Applicants will be required to enter into an agreement as to the above terms and conditions of the grant Other Restrictions Other restrictions include the following: • The City of Richmond Hill has the right to review any and all aspects of the program, including the purpose, form, method of application, evaluation and amount of funding of the program, from time to time, or at any time, for any re. [...] 6.2 Rights and Discretion of Council 6.2.1 Reviewing the Plan The Council of the City of Richmond Hill has the right to review any and all aspects of the CIP and its programs, including the purpose, form, method of application, evaluation and amount of funding of the program, from time to time, or at any time, for any reason, and at the sole and absolute discretion of the City.