Channel Industrial Group (Channel), a steel fabrication company in Bradford has been approved for a $55K grant from the town's Industrial Areas Community Improvement Plan (IACIP) to help renovate and expand their current location on Reagens Industrial Parkway.
The IACIP was approved by the town in 2013 to help facilitate business investment in Bradford's industrial area.
The company currently has 40 employees and is undertaking a $6M investment to renovate and refurbish a newly-expanded 27,460 sq. ft. area, and invest in new machinery to develop and manufacture drill products that are currently being purchased outside of Canada in Europe and Asia, with no domestic manufacturing. With this new endeavour, Channel will be able to add 30 new full-time positions to its workforce.
Under IACIP Program 3 - Development Fees and Building Permit grant, Channel has submitted $10,289.96 in building permit fees, for which the IACIP provides grants up to 50 percent or $5,144.98. Under Program 4 - Building Restoration, Renovation and Improvement grant, they have submitted a business case for $6M in improvements, with more than $1.8M in direct upgrades to the expanded space. The IACIP provides grants of up to 50 percent to a maximum of $50,000.
The maximum amount for which they are eligible is $55,144.98.
Council was enthused by the application received in Tuesday night's BWG council meeting and unanimously voted to have it approved.
"This is an absolute gem for us," said Deputy Mayor James Leduc of the application. "You can't spend better money in a pandemic...it's fantastic."
"It's an opportunity to show our large employers and the industrial area that the town will support them and we appreciate the investment they are putting in," said Mayor Rob Keffer.
The full report can be viewed here.