![]() ![]() In the meantime, the economic benefits of more successful businesses pay off immediately.”ĭowntown is not just a destination for shopping. “For example, with a tax break on the increased assessment for a few years, the city still gets what they would have gotten without the renovation, but after a few years, it starts getting the payoff of the fixed-up building. “When a building downtown is renovated, it’s not only that building that benefits, but everyone around them benefits from the new traffic created by new neighbours, like the great ones that just moved in (at 158 Elgin St.).” ![]() ![]() The cost of servicing buildings downtown is already a set cost to the community as a whole, so upgraded buildings have no new cost to the taxpayer, as opposed to a new district that would require city maintenance, policing, plowing, etc.,” MacIsaac said. “These funds are a win-win-win for the community. CIPs offer business owners money to offset the costs of development or redevelopment. The renaissance of the core is due, in part, to the community improvement program – the CIP – operated by city hall. Patrons will be able to tour the world with a fork and spoon, with so many new dining options now open or in the works. “If the increasing foot traffic is any indication, the downtown community and the city as a whole have shown how excited they are to support these new businesses and explore all they have to offer.” “The resurgence of downtown Sudbury is a testament to the resilience and determination of small business owners who have adapted to the changing times,” Marcus noted. This advertisement has not loaded yet, but your article continues below. ![]()
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