Council announces payment deferral program for City leases 
At the September 8 meeting, City Council members approved a payment deferral program for City of Timmins lessees who have experienced financial hardship during the COVID-19 pandemic.

Organizations that are currently entered into a lease agreement with the City of Timmins may apply and qualify for the program, and must meet the following criteria:
Must show a 50% drop in revenue during the months of April to July 2020 versus April to July 2019;
Must be in good standing with the lease payments as of March 1, 2020;
Must provide official financial statements that are produced by an accounting software or are tracked in a manual ledger;
Must pay no more than $15,000 in monthly gross rent per location;
Must fully complete an application; and
Must submit the applications by December 1, 2020.

There are two categories of this deferral program that an applicant may qualify for:

Category 1
If the lessee’s revenue dropped between 50-74% for the months of April to July compared to the same prior year period, the program details would be as follows:
The City of Timmins would waive 25% of the rent for the months of April to July of 2020;
The lessee would pay 25% of the rent for the months of April to July by the end of 2020; and
The remaining 50% of rent from April to June would be amortized over the remaining term of the lease.

Category 2 
If the lessee’s revenue dropped between 75-100% for the months of April to July compared to the same prior year period, the program details would be as follows:
City of Timmins would waive the full rent for the months of April to July of 2020.

Application forms will be available on September 14 on our City website at https://www.timmins.ca/our_services/finance/c_o_v_i_d-19_relief_programs
Posted by Lisa Greer On 9/14/2020 at 2:56 PM  

 
  • © 2018 City of Timmins. All Rights Reserved.