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Guidance to Prospective Owner Participants

Guidance to Prospective Owner Participants

Any person who owns an interest in real property in a redevelopment project area has a right to propose to participate in the redevelopment process, either using his or her own property, by adding adjoining property, or by exchanging property. The Ontario Redevelopment Agency welcomes such proposals where they contribute to achieving the goals of the Redevelopment Plan (set by the Mayor and City Council). In order for the Agency to review your proposal, the following information is normally needed (if you want to develop a project in a Redevelopment Project Area but you do not own property in the area, please refer to the Guidance to Prospective Non-Owner Redevelopers, which is available from the Agency).

  1. A description of the property you intend to redevelop: address, assessor’s parcel number (this number is on your property tax bill from the County), location, size, existing buildings, structures and uses on the land, and, if possible, the zoning.
  2. Your own name, address, phone number (day and evening) and, if you have one, FAX number.
  3. Any other people involved in the project: other property owners, partners, lenders, etc.
  4. A short, simple description of what you want to do. For example: "I want to build a 2,500 square foot auto parts store on my vacant lot." 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 my new store".
  9. Your signature attesting that the application and the facts it contains are true.

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