The council also amended its tax increment financing agreement with Heritage Harbor to give the developers a larger tax rebate.
The amendment extends the original 80 percent tax increment rebate that the developers receive until the end of the TIF in 2029. The developers were receiving 50 percent prior to the amendment.
Eschbach said the developers noted the project started just before the recession in 2008 which slowed development growth early on.
He added that the development is unique to Ottawa and is worth supporting as it attracts visitors to not only buy property in Heritage Harbor but also become familiar with the area which may lead to future property purchases in Ottawa or the creation of new businesses.
“We’re very fortunate to have that project and it survived the recession,” Eschbach said. “Many developments didn’t. They stopped in their tracks but the developers here have made a personal commitment and they’ve seen it through.”