Here is a great opportunity for a solid downtown building. This building has two separate retail spaces at street level. Each side is approx 1100 square feet. One side is occupied by a long term tenant for over 25 years. The left side is owner occupied and will be vacant on closing. Both units have full basements for your storage needs. The upper floor is presently used as a huge one bedroom apartment. The unit is approx 1400 sq ft with a view of lake Nipissing. This could easily be made into a 3-4 bedroom or divided into more units. There is parking for 4 cars that backs directly onto a city parking lot. The building has a large storage unit approx 1000 sq ft with its own door presently rented to a long term tenant. This property is located within the boundaries of the Downtown Improvement Area known as Downtown North Bay and Waterfront. The building owner and any businesses that lease space within the boundaries are automatically part of the Downtown North Bay and Waterfront membership; a Business Improvement Area (BIA), and as such are subject to a special tax levy. Calculation of this levy is based on the proportionate value of each property’s commercial and/or industrial assessment. What is a BIA? A Business Improvement Area (BIA) is an association of commercial property owners and tenants within a defined area who work in partnership with the City to create thriving, competitive, and safe business areas that attract shoppers, diners, tourists, and new businesses. By working collectively as a BIA, local businesses have the organizational and funding capacity to be catalysts for civic improvement, enhancing the quality of life in their local neighbourhood and the City as a whole. What Can a BIA Do? Local businesses, working collectively as a BIA, become catalysts for civic improvements, ultimately enhancing the business climate and quality of life of the neighbourhood. As a legal organization mandated by provincial legislation, BIAs are able to develop a budget for improvements and, through the city, collect a levy from businesses in the area to raise the necessary funds. BIAs improve their local economies through activities such as: Street and sidewalk maintenance and capital improvements Promotion of the BIA as a business, employment, tourist or shopping area (business directories, festivals, advertising) Hosting neighbourhood festivals and events Safety, security and crime prevention initiatives Graffiti and poster removal services respecting building facades visible from the street Strategic plans for business recruitment, market studies and capital improvements Advocate on behalf of their membership as a unified voice How Does it Work? A BIA is run by a volunteer Board of Management elected from its members. The Board is nominated at an Annual General Meeting and, once approved by City Council, serves a four-year term concurrent with the term of Council. The Board works on behalf of its BIA and meets regularly to develop budgets, set priorities, implement capital improvements, plan festivals, and promote its business area. How is a BIA Funded? Once the BIA members approve the budget and City Council ratifies it, funds are raised through a levy on all commercial and industrial properties within the BIA’s boundary. Calculation of this levy is based on the proportionate value of each property’s commercial and/or industrial assessment. Once the City collects the levy, it returns the funds to the BIA to manage.