Ontario Construction News staff writer
The City of Greater Sudbury held two open houses to collect feedback on the draft employment land community improvement plan.
Under the Planning Act, CIPs can be undertaken for environmental, social or economic development reasons. Through its various CIPs, the city has developed a number of financial incentives that are available to any proponent within the CIP area.
Sudbury’s new ELCIP will support projects that “strengthen and diversify the community’s industrial sectors” through increased employment and investment. Eligible projects can receive significant tax increment-based grants to offset the increased taxes driven by higher property values at project completion.
It’s the first economic development driven CIP in the city’s history that is focused on investment attraction and expansion.
The proposed ELCIP includes a tax increment equivalent grant (TIEG) to support industrial development. Some of the details of the program:
- Applications are prioritized based on construction value, number of jobs created or retained, location within strategic industrial areas;
- TIEGs range from a three-year, five-year, seven-year or 10-year span, depending on eligibility;
- The incentive is available for any location within Greater Sudbury.
- Targeted industries include Clean Tech, Life Science and Film and Television;
- Projects from other sectors with potential for economic development and job creation are eligible to apply;
- Applicable projects must have a base construction value of at least $1 million
The program may be combined with other incentive programs offered by other levels of government.
More information, including drafts of the proposed ELCIP, can be found at overtoyou.greatersudbury.ca