It’s smart thinking by the city

Vacant commercial space rehabilitation grant program

By Sean Delaney

Similar to the City of Toronto’s Commercial Façade Improvement Program, which provides small businesses with funding to cover 50 percent of the cost (to a maximum of $12,500) for improvements to building exteriors, the proposed Vacant Commercial Space Rehabilitation Grant program (to be recommended to City Council in September 2021) will offer direct funding to businesses to undertake interior leasehold improvements. The grant program will help commercial property owners or new commercial tenants re-lease space left vacant due to the COVID-19 pandemic. Improvements to meet health regulations and Accessibility for Ontarians with Disabilities Act (AODA) compliance will also be eligible.

Funding from FedDev Ontario for this program could enable more than 300 retail locations to make needed leasehold improvements, and leverage – through a 50 per cent matching requirement – a similar degree of investment from recipients, doubling the impact on Toronto’s commercial business areas.

This initiative will help protect Toronto from neighbourhood retail and streetscape blight that can stall economic recovery, undermine consumer and business confidence, and negatively impact adjacent and nearby businesses, both downtown and in inner suburban neighbourhoods.

This new program could be launched in fall 2021, pending City Council consideration and approval.