Dec 11, 2013
Today at Council, the City made a funding investment of $10 million to be paid over 10 years, to assist with the construction of a new Innovation Complex, which will house the Institute of Management & Innovation at the University of Toronto Mississauga. The Institute will be the home of undergraduate and professional graduate programs that will be highly integrated with external business and community stakeholders, and aligned with key sectors of industry and commerce.
“This is an investment in the economic future of not only Mississauga, but the province of Ontario and Canada,” said Mayor Hazel McCallion. “We are implementing our motto of “Leading today for tomorrow.”
“As a special levy, the people of Mississauga will know that they are contributing $1.34 per person to the Mississauga campus of the University of Toronto,” added the Mayor.
“We are delighted that Council has approved this investment that will build substantial competitive advantage for the city, help to generate new ideas and leaders, and develop a strong base of human talent,” says Professor Deep Saini, vice-president of the University of Toronto and principal of U of T Mississauga. “This $10 million grant will produce major economic benefits for Mississauga and region by creating an innovation culture, building a knowledge economy and attracting global business.”
The University of Toronto Mississauga (UTM) first approached Council at a General Committee meeting on May 15, 2013 with this capital funding request. The total funding required for the complex is $35 million.
The investment will be funded over 10 years with a special tax levy of $1 million per year. This will result in a 0.3 per cent increase in the City’s portion of the tax bill or 0.08 per cent increase in the total tax bill for 2014. For more information, see mississauga.ca/budget.
The Institute of Management & Innovation will enable multidisciplinary studies in management, accounting, biotechnology, innovation strategy and sustainability. The Institute aims to advance research and teaching of the management of scientific, technological and professional enterprises and help to build a competitive advantage for the region. The four-storey building is expected to open in September 2014.
As Canada's sixth largest city, Mississauga is home to 741,000 residents and more than 54,000 businesses, including more than 60 Fortune 500 companies with Canadian head offices or major divisional head offices. A diverse, progressive and award-winning municipality located on the shores of Lake Ontario in the heart of the Greater Toronto Area, Mississauga is "Leading Today for Tomorrow" by focusing on delivering services, implementing its Strategic Plan, delivering value for money and maintaining infrastructure.