A tax-break program to attract business to the city with the goal of creating badly needed jobs has won Toronto City Council’s unanimous approval.
The program calls for targeting key sectors such as manufacturing, as well as tax incentives for office construction, cleaning up old industrial sites and projects on swaths of land like Downsview.
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Under the tax increment equivalent grant program, owners would continue to pay property taxes based on the current assessment. But as the value of the property rises, the owner would receive up to a 60 per cent grant over 10 years, essentially phasing in increases.
A project must include a minimum $1 million investment and the owner must commit to minimum green development standards and participate in local hiring initiatives.
Mayor David Miller says the message to potential companies wanting to expand or move here is simple:
“We’ll make it easier to relocate your business here. If you invest in us, we’ll invest in you,” he said yesterday.