On Monday evening, Elliot Lake City Council approved a recommendation from the manager of economic development, Steve Antunes, for a $20,000 Community Improvement Plan (CIP) grant for a new housing development at 80 Dieppe Avenue.
The Dieppe development is planned for 23 rental townhomes.
“We've talked a lot about the CIP at previous meetings. This is a great story- this is what the CIP is meant to do,” Antunes said.
Antunes brought the new CIP program to the Economic Development Committee, May 7, 2024. He shared it with Elliot Lake residents during a statutory public meeting held May 27.
Council approved the program last month, on June 24.
“[The CIP program] is meant to spur investment in the community. And what we see here is a property development firm that's adding 23 rental units in the community that's going to invest $15 million in our community.”
“And this was one of the tools and levers that we had to pull to help entice that.”
Antunes explained that the grant would be issued when the townhomes receive an occupancy permit.
The staff recommendation also included a tax relief program created to encourage new development. It is a new component in the newly approved CIP program. The property owner will receive four years of discounts on a sliding scale, with each year successively less discount.
ElliotLakeToday reached out to Antunes this morning, who advised that until now, the 80 Dieppe property has been vacant for approximately two decades.