Economic Development
Services - Business
Development and Retention
Presentation to CCIM
Presentation Overview
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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
Global Teknion Furniture
SQ. FT. $ MIL
1,100,000
York University
Intercontinental Warehousing
IKEA
TorPharm Pharmaceuticals
345,000
300,000
270,000
250,000
176
18
30
220
A. Mantella Warehouse
Marriott Hotels
Molson Breweries
250,000
210,000
150,000
10
14.7
49
Sandman Hotels
Give & Go Prepared Foods
138,000
113,000
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14
City of Toronto Employment
1996-2001
Office
Mfg & Whse
Institutional
Retail
Service
Other
All-Sector Total
Full Time
1996
2001
Chg
535,515
163,761
162,757
133,576
131,200
26,746
599,208
185,274
177,748
142,797
146,327
31,891
63,693
21,513
14,991
9,221
15,127
5,145
1,153,568 1,283,245
129,677
914,275 1,014,070
99,795
Source: City of Toronto Employment Survey
Tax Rates Going Down
Taxes on Industrial Properties are down. . .
11.6%
10.0%
11.1%
9.5%
10.6%
9.0%
10.1%
8.5%
9.6%
8.0%
9.1%
7.5%
8.6%
8.1%
7.0%
1997
1998
1999
2000
2001
2002
25% in the past 5 years!
Percent of 1999 Value
Percent of 1996 Value
Industrial Tax Rates
New Official Plan
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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
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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
M unicipal Property Tax payable ($)
Rehabilitation Grant
with Remediation Component
$120,000 Ý
10%
20%
Grant amounts paid
Tax
30%
40%
50%
60%
Increment
70%
80%
80%
($100,000)
90%
70%
90%
100% 100% 100%
60%
50%
Remediation
40%
Component
Incremental City tax revenue
30%
10% 20%
$20,000
Base level taxes
-1
0
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4
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6
Rehabilitation / CVA Change
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9 10 11 12
No Development Charges
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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
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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!