economic development services - business development and retention presentation to ccim
TRANSCRIPT
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:
[email protected]• Owner’s Represtative: Brian Athey Telephone: # 416-981-2896 Email:
[email protected]• 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: [email protected]• *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!