Riverview Offers Grant To Entice Developers Looking For Great Location At Reduced Cost
The Town of Riverview’s Commercial Development Grant is a good reason to look south of the Petitcodiac for land for your next business venture.
Commercial real estate developers, property owners and business owners looking to develop, expand or engage in other construction activity on commercially-zoned land can avail themselves of the town’s help through the grant, which was established for non-residential and mixed-use development in the community.
Riverview’s grant program allows recipients to develop property for business in one of the most affordable commercial operating regions in North America, with flexible access to utilities and a reasonable permitting process.
The amount of grant money is indexed to the assessed value of the project it will support.
Projects valued at less than $5 million are eligible for grants over a five-year period, and projects valued at more than $5 million could receive grant money for a decade.
If the work will result in the property’s value increasing by a minimum of $500,000, it may be eligible to qualify for the grant.
Successful grant recipients include John Grass, founder of the Grass Home.
Grass said the program cemented his decision to build Grass Home – a state-of-the-art nursing home at 705 and 774 Coverdale Road.
“I’m a Riverview guy, I’ve been here for pretty close to 50 years. This is my first choice,” Grass said.
When looking at other communities for opportunities to build the nursing home, Grass said he had to consider traffic, service availability, and the ability of ambulances to reach the site in a timely manner.
Grass said he also takes into account property costs, construction costs and ongoing expenses like property taxes – and that any overestimation or underestimation in doing so can be costly.
That he found a place that fit all those criteria and had the support of the municipality through grant funding was the “icing on top,” Grass said.
“So, when you have a municipality that steps up and says, ‘we can help alleviate some of these issues,’ you know that’s not just talk because they’ll put you on a five-year plan to give relief,” he said.
“It’s a great thing. It not only helps your decision-making but it gives you some wiggle room in any business plan. And so that was really appreciated.”
This story is sponsored by the Town of Riverview. Visit the town website to learn more about the application process.