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Guidance to Prospective Non-Owner Redevelopers

Guidance to Prospective Non-Owner Redevelopers

Guidance to Prospective Non-Owner Redevelopers

In considering proposals to participate in the redevelopment process, the Ontario Redevelopment Agency extends preference to potential redevelopers who own property within a project area. However, in some cases, proposals to redevelop property by persons who do not own property within a project area will be considered. If you wish to make such a proposal, please include the following information (if you do own property within the project area, you will receive preferential treatment – please refer to the Guidance to Prospective Owner Participants, which is available from the Agency).

  1. A description of the property you intend to redevelop: address, assessor’s parcel number (this number can be obtained by referring to a map in the County Assessor’s Office), location, size, existing buildings, structures and uses on the land, the zoning and general plan land use designation and the ownership. Also, either an appraisal, the listed sale price of the property or comparables from a licensed real estate broker.
  2. Your own name, address, phone number (day and evening) and, if you have one, FAX number.
  3. Names and phone numbers of any other people involved in the project: other property owners, partners, lenders, etc.
  4. A short, simple description of what you want to do. The proposal does not have to be lengthy, but you should give all the related facts you do know.
  5. Your personal financial statement, and the financial statement of the company that will actually carry out the project (if you are planning to do the project yourself, your own statement alone is sufficient).
  6. A simple sources-and-uses of funds analysis, showing how much the project will cost, where the money will come from, and what it will be spent on.
  7. If the project will involve borrowed money, a "proforma" is needed showing how the money will be paid back by income from the project (or otherwise) and how much return you will be getting on your investment. Also, a letter from the bank you intend to use, indicating that they are interested in lending to you for the project. If you cannot get a bank letter, say so and explain why.
  8. A short explanation of what assistance you want from the Agency and why. Examples: "I need help getting through the planning process and getting my approvals to build" or "I can’t afford the extra cost of widening the street in front of the new store".
  9. Your signature attesting that the application and the facts it contains are true.

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