Grimsby/Lincoln building permits expected to rebound

By MikeWilliscraft NewsNow

Building permits in both Grimsby and Lincoln were off budgeted levels in 2022.

Permits were a topic of discussion at both Grimsby and Lincoln town council meetings on Monday night, sharing the similar performance levels.

However, Lincoln was in a $277,000 deficit on revenues of just under $460,000 and costs of just over $736,000.

Grimsby had 2022 rev- enues of $1.025 million, including $195,000 from a reserve withdrawal while having costs of nearly $742,000 to create a surplus position.

“As revenues cannot be forecasted with certainty, and often vary from year to year, the Building Code Act and the Ontario Build-

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Permits

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-ing Code allow municipalities to establish a reserve fund in which permit fees in excess of operating costs must be held. Those reserve funds may then be used to offset the building department shortfalls in future years when fees collected are not sufficient to fund the cost of doing business,” states a staff report presented to Grimsby council.

“The fund is also used to support the replacement of the building department vehicles and equipment.”

Lincoln building permit results have seen a significant impact from the economic realities of COVID-19, said CAO Mike Kirkopoulos.

• 2016 - 309 permits

• 2017 - 426 permits

• 2018 - 641 permits

• 2019 - 799 permits

• 2020 - 458 permits

• 2021 - 490 permits

• 2022 - 255 permits

In 2022, the value of all construction came in at $77 million, down from the $183 million in 2021.

“This trend shows 2022 is definitely a down year but the reasons as to why that’s the case are obvious. Most of that is due to what’s happening in the market - high mortgage rates for buyers, high lending rates for builders, overall cooling of the market which is in part the intended outcome of these interest rate hikes,” said Kirkopoulos.

“Last year we had a handful of projects get postponed until interest rates return to lower levels since they were in- creased last year.“

That unpredictability is constant and the reason a reserve to offset impacts is often used.

“With those projects being delayed, we didn’t bring in the funds we normally have. This is why we have a reserve fund so we can draw from that instead of using the tax levy,” said Kirkopoulos.

“What we anticipate is that towards the end of the year, and next year we anticipate it going back up. We have Prudhomme’s residential coming on line, New Horizon, and a number of others, but we are similarly influenced by external factors. Some positive economic news in the U.S. we expect soon in terms of outlook, hopefully it has a cascading effect positively in here in Canada.”

As part of the FedDev Ontario announcement, Niagara Centre MP Vance Badawey, Hamilton Mountain MP Lisa Hepfner, Hamilton West-Ancaster-Dundas MP Filomena Tassi, MP (who is also responsbile for the Federal Economic Development Agency in Southern Ontario) and St. Catharines MP Chris Bittle were given a tour Stanpac’s facility by vice-president marketing Murray Bain.

Stanpac gets $5 million FedDev boost

A $5 million infusion from the Federal Economic Development Agency for Southern Ontario will help Smtihville’s Stanpac Inc. scale up the manufacturing of its new compostable and recyclable packaging and create 30 jobs.

Stanpac, a family-owned company, is the largest manufacturing employer in Smithville, and an industry leader in paperboard and glass packag- ing for the dairy and beverage industry.

The investment supports the purchase of cutting-edge, advanced manufacturing equipment to expedite Stanpac’s transition to sustainable packaging. The new machinery produces fully recyclable and compostable products, including a new paper-based bulk ice cream container.

“This investment from Fed-

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Dev Ontario has a significant impact on how Stanpac will be able to take our sustainable packaging innovations to market, not only here at home but to the more than 30 countries we export to presently. In addition, we will create more employment opportunities which in turn drive our continued sustainable packaging advances,” said Matt Witt, co-president of Stanpac Inc.

Grimsby Legion

233 Elizabeth St., Grimsby • 905-945-8421 Facebook: Grimsby Legion

entertAinMent

Friday, March 31 the outlets

Friday, April 14 open Mic night

Kitchen open Thursday and Friday 4-7. Last meat draw is March 25, Sat.3-5 pm. Proceeds go to “Lion’s Foundation Guide Dogs”

Watch Sunday Sports on Big Screen *** Lowest Drink Prices in town *** Grimsby Legion supports YoUr Local community

How to sidestep financial distress with your 2023 mortgage renewal.

Is your mortgage renewing this year, and you worry that you can’t afford the payment?

Tip #1: Rewrite your mortgage for the longest amortization offered. Typically, the maximum is 30 years, but there are some companies that have re-introduced the 40-year amortization. Stretching the amortization - the time it takes to pay off a mortgage in full - reduces your payment. Try not to think of extending the amortization as a setback; When rates eventually drop, you can rewrite the amortization to restore your original repayment timeline.

Tip #2: Consolidate your other debt at time of mortgage renewal. Your new mortgage payment for the consolidated amount could be less than the sum of the individual payments you currently make each month on the non-mortgage debts, such as a car loan, or credit cards.

Tip #3: Don’t assume that you are getting the best advice from your renewal contact person, or your personal banker. Let me provide you with a free mortgage review; You’ve got nothing to lose, and possibly thousands to gain!

I predict this year we will see more financial institutions and mortgage insurance providers using emergency loan-modification options (referred to as loan workouts) to allow certain struggling homeowners in extreme cases to reduce or defer mortgage payment so that default is averted. I’ll do my best to ensure that you are not one of these cases!

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Billy Bob Bonspiel curlers raise $2,500 for GBF

By Joanne McDonald For NewsNow

The 17th annual Billy Bob Bonspiel raised $2,500 (and counting) and 400 lbs of food for the Grimsby Benevolent Fund Saturday at the Grimsby Curling Club.

“When people are struggling they need to know people are supporting them. You bring awareness to the needs and we’re so grateful for this,” said GBF executive director Stacy Elia.

“This is a very important partnership.”

The GBF, within the first two months of 2023 has provided more than $81,000 in direct support to clients which can include housing, utilities, medical and dental, prescriptions and food.

Elia anticipates the GBF will put $2 million back in the community in 2023. “We can only do it with community support.”

Saturday marked the largest ever Billy Bob bonspiel with 96 curlers attending the event. It also marked the second time the GBF has been chosen to receive the proceeds.

Every year the bonspiel proceeds are donated to a local charity and have included in past years, Rose Cottage, McNally House, Community Life Centre and FORT.

The Billy Bob bonspiel started as a touching tribute to a club member but has grown into years of giving back. The spiel began in 2005 as a way to honour a member who lost his battle to amyotrophic lateral sclerosis, a motor-neuron disease with no known cure. Since then the event has been held each year, with money going to a different charity.