The man behind an ambitious plan to redevelop the former Northern Breweries building in Sudbury's west end is headed to the city's planning committee next week seeking a combination of tax relief and loans totalling a little more than $9.5 million over the next 15 years.
Greg Oldenburg says when completed, The Brewer Lofts would create 50 high-end condos out of the historic building. It has largely been unused since Northern Breweries closed in 2004, despite efforts in 2005-2006 to save the business. The exterior has deteriorated considerably since then, and while it was sold in 2010, the buyer was unable to find a way to make it viable.
Oldenburg has spent the last few years planning the redevelopment, and heads to planning Nov. 20 with a big ask from the city to help make his plan a reality.
He's applying to several programs the municipality has in place to help developers make their projects viable, ranging from property tax relief, rebates for planning fees and building permits, and a grant for facade improvements.
The biggest single request is a $4.5-million, interest-free loan, which exceeds the budget for that incentive program by $4.25 million.
Oldenburg is seeking $3.78 million in tax relief over the next 15 years, $1 million from a residential incentive program, the $4.5 million loan, plus relief from building and other permits.
Because the request exceeds the program's budget, a staff report on the proposal says “a business case would be required as part of the 2018 budget (or a future budget year) for funding of any applications.
“The funding source for these applications would be on the property tax levy. If council approves the resolution to proceed to the 2018 budget, then the property tax impacts on the 2018 budget will be outlined in the business case to be tabled,” the report says.
