Posted: 18 Jul, 2020 08:58 pm
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Apartments for Rent: Building Details
This long term project will result in real, progressive change in the area, and will act as a gateway to Downtown Ajax, providing a meaningful urban centre for activity and community interaction in the heart of Ajax. The site will feature a prominent civic square, a mix of uses, including high-quality residential, commercial and retail space, and public transit, cycling, and pedestrian amenities.
Neighborhood Economic Benefits The Town is expected to net approx $36.5 million in tax revenue over the next 40yrs as a result of the development. From 2013 to 2026, total Ajax property taxes net of CIP incentives are estimated at $9.5 million (20% of the total property taxes payable). From 2026 onward, Ajax property taxes from the site are estimated to be $1.4 million per year. In addition to the property taxes, other benefits total $2.3 million worth of park land for Pat Bayly Square as well as public parking spaces, indoor public space and the extension of Kitney Drive.