Cobourg businesses reap benefits of Community Improvement Plan funds

Peterborough, ON, Canada / CHEX TV

The Town of Cobourg has increased funding for its downtown revitalization plan this year.

And as Greg Davis reports, the program is already paying dividends for businesses.

Renovations continue at the future location of Ferreri Clothier on King Street East in Cobourg  -work supported in part by the town’s new Downtown Vitalization Community Improvement Plan.

Rino Ferreri: It has been a great program. Some great incentives and it’s certainly something we are excited to take advantage of.

After 25 years at Northumberland Mall, the store moved to this temporary location on King Street  last year with plans to open in this nearby building. The CIP funding is giving the building a fresh look

Ferreri: It puts local contractors to work at a time when it’s usually quieter and from a community standpoint it has allowed us to bring some historical architecture back to the downtown and revitalize the downtown in our own small way.

C-I-P’s grants and loans support business owners to restore and upgrade their buildings.
Last year the town allocated $50,000 to the program – this year’s budget has been tripled.

Alison Torre-Lapaire, Town heritage planner: We’re really looking to put some financial support into the regeneration of our downtown here in Ccobourg

Cheslers Shoes also expanded to the downtown two years ago. The store received $25,000 in
CIP grants in 2016 to redo the entire storefront and façade while maintaining some of aspects of the 160 year old building.

Cara Trozzolo: It just makes it look more homey, I guess… it’s a great partnership we’ve found really helpful. Because I don’t think we could have done a lot of the renovations without that grant.

Both entrepreneurs say moving to the downtown has been good for business and they encourage others to take advantage of the CIP.

Ferreri: It goes to show that Cobourg is open for business. We are here to do business and encourage visitors and tourists.

The town has two deadlines for this year’s funding – one next Thursday; the other on July 21st.

 

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