The City of Cambridge says it has now committed close to $12 million from the $20 million Core Areas Transformation Fund (CATF) which council approved in 2019.
The money is to be spent in areas such as private sector stimulus, land acquisition and placemaking in support of the Galt, Hespeler and Preston downtowns.
“The CATF has helped leverage partnerships and support projects that will stimulate development,” said James Goodram, director of economic development for the City of Cambridge.
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“It has already resulted in $8.6M in private sector spending to revitalize our city. That essentially means that for every $1 we spend, we are getting more than $9 back in investment.”
So far the city says it has approved $936,285 in funding for 27 grant applications under the community improvement plan.
In addition, it has also spent $5,647,170 to acquire land to support the city’s growing workforce.
Finally, another $375,329 has been spent on projects such as the the Mill Race Amphitheatre Consultation and an environmental assessment of the Hespeler Pedestrian Bridge.
At council on Tuesday night, the city also formalized its relationship with the three business improvement areas with a memorandum of understanding.
This move comes after they have worked in collaboration for 30 years already and means that cost sharing projects such as parking lot maintenance, landscaping and beautification are now formalized.
The city says it has agreed to provide funding to the BIAs for their respective holiday décor programs.
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