Ontario Construction News staff writer
The City of Greater Sudbury has launched an Employment Land Community Improvement Plan (CIP) to stimulate economic growth through the expansion of existing businesses and attracting new development on industrial lands.
The new CIP is the first of its kind in Greater Sudbury. The program provides financial incentives to property owners or tenants with projects that strengthen and diversify the community’s industrial sectors with a special focus on increased employment and investment.
To be eligible for the CIP, projects must be located within the boundaries of Greater Sudbury and must be based on an expansion or new development on industrial lands, with a construction value of at least $1 million.
Mayor Paul Lefebvre says the plan is “an example of the important action we are taking to foster economic growth.”
“We are committed to ensuring our community is investment-ready and known as a location of choice for business expansion. The Employment Land CIP signals that our city is increasing our capacity to respond as new opportunities arise and encouraging the attraction and retention of talent.”
The program incentivizes development by providing qualifying projects with a Tax Increment Equivalent Grant (TIEG). The TIEG incentive in this CIP will subsidize 100 per cent of the municipal portion of the increased new tax assessment value on the completed project and will be awarded for a three, five, seven or 10-year period based on a point system.
Points are awarded to a project based on construction value and the number of jobs created or retained. Additional points are awarded to projects located in one of eight strategic employment areas or if they are considered a strategic industry, such as Clean Tech, Life Sciences, Tourism or Film.
For more information, including how to apply, visit www.greatersudbury.ca/elcip.