economic development services - business development and retention presentation to ccim

Economic Development Services - Business

Development and Retention

Presentation to CCIM

Presentation Overview

• Investments, Employment & Taxes• New Official Plan• New Zoning By-Law• New Development Guideline• New Signature Sites• New Tax Grant Program• No Development Charges• No Parkland Dedication Fees

Key Investments in West Toronto

INVESTMENT SQ. FT. $ MIL

Global Teknion Furniture 1,100,000

York University 345,000 176

Intercontinental Warehousing 300,000 18

IKEA 270,000 30

TorPharm Pharmaceuticals 250,000 220

A. Mantella Warehouse 250,000 10

Marriott Hotels 210,000 14.7

Molson Breweries 150,000 49

Sandman Hotels 138,000 12

Give & Go Prepared Foods 113,000 14

City of Toronto Employment 1996-2001

Source: City of Toronto Employment Survey

1996 2001 Chg

Office 535,515 599,208 63,693Mfg & Whse 163,761 185,274 21,513Institutional 162,757 177,748 14,991Retail 133,576 142,797 9,221Service 131,200 146,327 15,127Other 26,746 31,891 5,145

All-Sector Total 1,153,568 1,283,245 129,677

Full Time 914,275 1,014,070 99,795

Industrial Tax Rates

8.1%

8.6%

9.1%

9.6%

10.1%

10.6%

11.1%

11.6%

1997 1998 1999 2000 2001 2002

Per

cen

t o

f 19

96 V

alu

e

7.0%

7.5%

8.0%

8.5%

9.0%

9.5%

10.0%

Per

cen

t o

f 19

99 V

alu

e

25% in the past 5 years!

Tax Rates Going Down

Taxes on Industrial Properties are down. . .

New Official Plan• New Official Plan

• Passed by Council in Nov. 2002

• Not yet in effect

• 163 Appeals to OMB

• Urban Structure Map

• Land Use Map

New Official Plan – Urban Structure

New Official Plan – Land Use Plan

New Zoning By-Law• Consolidation of 41 zoning by-laws

into 1 for the City

• 4 phase development over 4 years

• Over 1,500 definitions

• Hundreds of zoning provisions

• Consolidated parking, setback and other standards

A New Development Guide

New Development Guideline• A Guidebook on the development

process in the City

• Types of applications

• Application requirements

• Other requirements

Signature Site Map W-12

Signature Site W-12

• Location: 260 Eighth St• Closest Major Intersection: Islington Ave & New Toronto St• Side of Street: w/s City

Ward: 6• Assessment Roll Number: 1919052490034000000• Available Site Area (Acres): 38.80 Total Site Area (Acres):

38.80• Frontage (ft.): 1164• Official Plan*: Employment Area Zoning*: I.C2• Owner’s Represtative: Jeff Steiner Telephone: # 416-214-4641 Email:

jsteiner@tedco.ca• Owner’s Represtative: Brian Athey Telephone: # 416-981-2896 Email:

bathey@tedco.ca• Company: TEDCO• Comments: Great opportunity for employment uses. Large vacant site in South Etobicoke.

Excellent labour force availability with premium access to Gardiner/QEW and all major road corridors in the GTA. A benefit of this site is a Financial Incentive Program offered by the City of Toronto. Contact Judy Dunstan at 416-981-2884 for more information.

• Economic Development Division Contact: Judy Dunstan Telephone # 416-981-2884

• Email: jdunstan@toronto.ca• *Note: Official Plan and Zoning excludes numbered policies and exceptions and is for general

information only.•

New Toronto TIFF Area

New Tax Grant Program• Pilot Project in New Toronto area of

South Etobicoke

• Tax Increment Financing

• Occurs over 10 – 12 years

• Rebates 100% of new municipal tax in first year and rebate declines 10% per year until 10 year

• Brownfield Remediation could add 2 additional years of 100% rebate

Tax Increment Financing Grants

90%80%

70%60%

50%

40%

30%20%10%

10%20%

30%40%

50%60%

70%80%

90%100%100%100%

-1 0 1 2 3 4 5 6 7 8 9 10 11 12

Mu

nic

ipal

Pro

per

ty T

ax p

ayab

le (

$)Rehabilitation Grant

with Remediation Component

$120,000 Ý

$20,000

Rehabilitation / CVA Change

Tax

Increment

($100,000)

Base level taxes

Grant amounts paid

Incremental City tax revenue

Remediation

Component

No Development Charges• No municipal development charges

• No regional development charges

• No TDSB development charges

• Minor Catholic School Boards charges of 23c

No Parkland Dedications Fees• No Parkland Dedication Fees for

non-residential development

What you should know

• Our key selling points– TTC– High labour quality and availability– Taxes are coming down – NO City Development Charges– NO Park contribution on non-residential– Wide selection of vacant and improved

properties

Connecting with You

• Talk to Toronto West EcDev Office - we have knowledge and information that can help you

• Get us involved early in your project

• We keep confidential matters confidential

• No charge for our services!