City commits nearly $12M from Core Areas Transformation Fund to revitalize core areas

Cambridge, Ontario – The City of Cambridge has committed nearly $12M from its Core Areas Transformation Fund (CATF) to support investments in the three core areas that will attract residential development, create jobs and bring residents, businesses and tourists into the city.

“We know that vibrant, healthy core areas are essential to creating prosperous cities” said James Goodram, Director of Economic Development for the City of Cambridge.  “The CATF has helped leverage partnerships and support projects that will stimulate development. 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.”

The CATF has a total of $20M to be allocated in three investment pillars - Private Sector Stimulus, Strategic Land Acquisition and Disposition, and Placemaking and Experiences. Multiple initiatives have been completed or are in progress under each of the pillars, including:

• $936, 285 in grant funding this year under the Community Improvement Plan (CIP), which has led to 27 applications across 21 properties; and an additional $1M each year for the next five years (2023 – 2027)
• $5,647,170 in land acquisitions to support the growth of the city’s workforce and residents
• $375,329 for placemaking and experience projects including the Mill Race Amphitheatre Consultation and the environmental assessment of the Hespeler Pedestrian Bridge.

The CATF was approved by Council in July 2019 to establish programs and funding mechanisms to stimulate investment in Cambridge’s three urban core areas.

The City of Cambridge has also developed a Memorandum of Understanding (MOU) with the three Business Improvement Areas (BIAs) that clearly defines the respective roles and responsibilities of each.

 For thirty years, the City has worked collaboratively with the BIAs and the MOU now formalized this important partnership to ensure a successful relationship now and in the future. It covers fourteen categories including parking lot maintenance, landscaping and beautification, holiday decorations, graffiti, security, and other cost sharing projects. As part of the MOU, Council approved annual ongoing funding to support the BIAs financially with costs related to their respective holiday décor programs.

The City of Cambridge has three BIAs, the Downtown Cambridge Business Improvement Area, Preston Town Centre Business Improvement Area and Hespeler Village Business Improvement Area.

 For more information on the CATF or the MOU,visit investcambridge.ca

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Media Contact
Teresa Chiavaroli
Communications Advisor, City of Cambridge
chiavarolit@cambridge.ca

About the City of Cambridge

The City of Cambridge is one of the fastest growing areas in the country. With nearly 140,000 residents, Cambridge is the second largest community within Waterloo Region. It is strategically located astride highway 401 in southwestern Ontario, part of the Toronto to Waterloo Region Innovation Corridor. With a multicultural mix and a strong foundation of support services, Cambridge has a diverse economic base with leading industries in advanced manufacturing, automotive, aerospace, nuclear, pharmaceutical, business and financial services.

 For more information about the City and its services, visit www.cambridge.ca. For accessibility accommodations, please contact accessibility@cambridge.ca. To opt out of the news release distribution, email corpcomm@cambridge.ca.