Apartments for rent Ajax
DescriptionThis long-term project will result in real, progressive change in the area, and will act as a gateway to Downtown Ajax, providing a meaningful urban centre for activity and community interaction in the heart of Ajax. The site will feature a prominent civic square, a mix of uses, including high quality residential, commercial and retail space, and public transit, cycling, and pedestrian amenities.
The Town is expected to net approximately $36.5 million in tax revenue over the next 40 years as a result of the development. From 2013 to 2026, total Ajax property taxes net of CIP incentives are estimated at $9.5 million (20% of the total property taxes payable). From 2026 onward, Ajax property taxes from the site are estimated to be $1.4 million per year.
In addition to the property taxes, other benefits total $2.3 million worth of park land for Pat Bayly Square as well as public parking spaces, indoor public space and the extension of Kitney Drive.
The total financial benefit to the Region of Durham over the next 40 years is approximately $135 million. The Region of Durham will receive $17 million in development charges for construction of infrastructure, and approximately $120 million in property taxes.
The development will create over 200 jobs, approximately 107 spin-off jobs in the Downtown core, and approximately 20 jobs will be generated to service the residential component.
Total population at build out is estimated at 3,200 persons. It is projected that residents of the development will spend about $71.6 million on goods and services each year in Ajax, totaling $2 billion by 2053.
Direct and indirect construction-related employment will earn almost $126 million in wages and salaries.
Estimated cost of construction is $280-$300 million.
The total Town, Region and Community financial benefit combined is approximately $2.6 billion by 2053.