Timmins is providing COVID-19 relief through new initiatives.
At its Sept. 8 meeting, council approved two programs — leaseholders with the city will be able to apply for rent relief, and an interest-free payment deferral option for tax and water accounts.
The relief was first talked about last month.
For the rent relief for organizations leasing from the city, director of finance Natalie Moore said a second category has been added. Qualifying groups will be able to apply to have their entire rent waived for a four-month period.
There are two categories for the rent deferral program.
Leaseholders whose revenue dropped 50 to 74 per cent from April to July can apply to have 25 per cent of the rent for those months waived. They would have to pay 25 per cent of the rent for those months to the city by year's end. The remaining 50 per cent would be amortized over the remaining term of the lease.
For organizations that have seen a 75 to 100 per cent revenue decrease from April to July, the city will waive the full rent for the four months.
To qualify, the leasee must: show a 50 per cent drop in revenue from April to July 2020 compared to the same period in 2019, be in good standing with lease payments as of March 1, provide offical financial statements, and pay no more than $15,000 in monthly gross rent per location. Applications are due Dec. 1.
People will also have to apply for the tax and water deferral program.
The criteria includes that the ratepayer's account must be in good standing as of March 1, and only the balance on the account will be allowed to be amortized. Accounts in arrears are not eligible. Applications are due Dec. 1.
"It's imperative to note that no balances will be written off, this is simply an interest-free deferral program where the outstanding balance on account for those ratepayers that qualify will be amortized over a period of their choice that could extend to Dec. 31, 2022," reads Moore's report.
At this time, it's not known what the financial impact on the city will be.
For the rent program, Moore's report notes it depends on the number of applicants, and what category they qualify for. The impact of the tax and water deferral program would be lost interest and penalty income.
