Located in York Region, the Town of Richmond Hill is an opportunity-rich municipality in which to start and grow businesses. As a home to more than 200,000 residents and a thriving business community, there are significant benefits to establishing operations here. However, one difficulty some companies face is finding sufficient office space. To attract new businesses into the area, new office space must be constructed or converted from existing industrial/commercial buildings.
Fortunately, Richmond Hill’s 2018 Community Improvement Plan outlines several new office development incentives for businesses. One of these funding programs, the Building Renovation Grant Program, is specifically available to support the adaptive re-use of existing structures. Through the program, companies can offset eligible renovation costs as they redesign facilities that will eventually be used as offices.
The Building Renovation Grant Program offers up to 50% of eligible project costs to a maximum $50,000 in small business funding.
To get started with the program, applicants must develop an application package consisting of a project plan and two quotes that demonstrate the type and value of costs to be included for funding. Applications can be submitted year-round; upon approval, companies must receive a building permit and start construction within six months.
About the Richmond Hill Building Renovation Grant Program
The Building Renovation Grant Program is an economic development initiative led by the Town of Richmond Hill. It offers cost-sharing assistance to private-sector businesses that own properties and are renovating them to create office space in structures not originally created for such uses. This includes buildings previously commissioned for industrial or commercial purposes.
By renovating these types of spaces, the Town of Richmond Hill will have gain new office capacity and attract world-class companies. It will also result in fewer residents commuting out of town for the types of jobs and employers that could be offered in Richmond Hill.
Through the Building Renovation Grant Program, companies can receive up to $50,000 in funding to renovate and repurpose buildings for use as office space.
This program offers grant funding to companies; this is non-repayable as long as successful applicants complete their proposed project within 18 months of approval. Companies must submit proof of all project expenses and complete the project prior to receiving funding.
Building Renovation Grant Program: Applicant Eligibility
To qualify for the Building Renovation Grant Program, applicants must be:
- Either a registered property owner, assessed property owner, or a tenant of a property to whom the owner has assigned consent to receive funding;
- In good standing with Richmond Hill’s by-laws, property taxes, municipal fees and levies liable on the property and/or outstanding municipal bills; and
- In focus areas of the Community Improvement Project Area (CIPA), including Downtown Local Centre, Oak Ridges Local Centre, Newkirk Business Park, and Beaver Creek Business Park.
Projects Eligible for the Building Renovation Grant Program
Projects well-suited for the Building Renovation Grant Program include:
- Code compliance upgrades (building, fire, other) linked to the development of office space;
- Functional improvements for accessibility upgrades;
- Expansion/additions for the office;
- Retrofitting space for offices;
- Interior structural works and upgrades (including electrical, mechanical, HVAC and other building systems.); and
- Renovating a building on the Town’s Inventory of Architectural and Historical Significance.
How to Apply for the Richmond Hill Building Renovation Grant Program
To apply for the Richmond Hill Building Renovation Grant Program, businesses must develop and submit an application that reviews their proposed project and offers two quotes to value the work to be performed. If the application is successful, companies must receive all necessary permits and begin the project within six months. Projects can span up to 18 months to complete, at which time companies report the project and receive funding to offset the costs incurred.
To discuss your eligibility for the program and learn how to optimize the Building Renovation Grant Program application process, please contact Mentor Works.
Posted: June 26, 2018 by Jeff Shepherd. Updated: June 26, 2018 by Jeff Shepherd.