A financial incentive program to reduce commercial vacancies in downtown London had other struggling core area business districts feeling left out.
“While downtown is a significant [and] a very vital part of the city, the decision to exclude Midtown and the Old East Village from this program feels not only a bit shortsighted, but at the time, frankly, I found it insulting,” Kevin Morrison, general manager of the Old East Village Business Improvement Area (OEV BIA), told the Planning and Environment Committee.
Details of the new Vacant Commercial Space Fit-Out Program were made public last week.
The proposed grant would provide up to $50,000 to cover half of the cost to renovate a vacant commercial space when opening a business in Downtown London or on Richmond Row.
Noting the importance of all the core area’s business districts, Mayor Josh Morgan put forward a motion to expand the eligible business areas.
“To just simply restrict this to the downtown area, which certainly does have a need, I think would limit the opportunity and scope,” Morgan told colleagues on the committee. “Midtown and the Old East Village certainly do have challenges with vacant space.”
Deputy Mayor Shawn Lewis emphasized the unique nature of the grant that provides funds to the business owner - not their landlord.
“This is actually tied to tenants. This is tied to bringing leaseholders in and filling spaces,” Lewis explained. “This is not so landlord X or landlord Y can get a renovation on the city’s dime.”
The Planning and Environment Committee unanimously supported expanding the grant’s eligibility to include Midtown and the Old East Village BIA.
The grant is funded through the multi-year budget and is expected to support between 15 and 25 projects in 2025, 2026, and 2027.
“It’s a very welcomed initiative and one that will have a significant positive impact on the core area as a whole and not just downtown,” Morrison said.
“Let’s expand that program to let prospective businesses up and running - get those vacancies filled,” said Coun. Steve Lehman, who chairs the planning committee.
Council will make a final decision about the boundaries of the commercial vacancy incentive program on April 22.
