Unanimous approval for incentives to attract industry to Toronto

City Council unanimously approved its first-ever city-wide financial incentives program to stimulate growth in key value-added economic sectors, including manufacturing, bio-medical, environmental, information technology, creative industries and tourism. The new investment will produce new jobs, and eventually increased City revenue through property taxes. All properties and projects affected by the program will continue to pay base taxes, but will receive grants of up to 60 per cent of the tax increase resulting from new investment. It is anticipated that by delaying receipt of approximately $6 million in taxes over 10 years, the program will result in: $904 million in new capital investment, 11,000 new jobs and $43 million in new tax revenue. The new incentives program addresses priorities identified by City initiatives including the Enhancing Toronto’s Business Climate report, and the Agenda for Prosperity.