The City of Mississauga’s Downtown Community Improvement Plan (CIP), with a goal to create new office development and jobs, is now in effect.
“Mississauga is a great place to do business because of our low taxes, highly skilled workforce, strategic location to key markets and our competitive commercial and industrial real estate. These new incentives will help stimulate new investment and office development in our downtown core and reaffirms that Mississauga is open for business,” said Bonnie Crombie, Mayor of Mississauga.
“Coupled with the upcoming Hurontario Light Rail Transit (LRT), our close proximity to major highways and Pearson International Airport, downtown Mississauga is quickly becoming the ideal place for world-class businesses to invest, grow and succeed.”
The Downtown CIP provides four financial incentive programs to offset a portion of the costs of constructing offices in downtown Mississauga. To be eligible for CIP incentives, projects must be at least three storeys in height, contain a minimum of 50,000 square feet (5,000 sq. m) of office space and result in a property tax increase.
Eligible landowners can now apply for one or a combination of these programs:
- Tax Increment Equivalent Grant (TIEG) – a grant equal to a portion of a municipal property tax increase on a development.
- Development Processing Fees Grant – a rebate on municipal planning fees (e.g., rezoning, site plan application fees).
- Municipally-Funded Parking Program – the City may build and own a municipal stand-alone parking space. Alternatively, the City may co-locate part of a municipally owned parking space within a private office building development.
- Municipal Property Acquisition and Disposition – the City may purchase key properties and redevelop them for office buildings. The City may also choose to dispose of City-owned lands to attract new office development.
“Business owners can apply for one or more of these programs according to their needs and eligibility,” said Bonnie Brown, Director, Economic Development. “As Mississauga’s downtown continues to transform over the coming years, there is no better time to locate or invest in this vibrant urban setting.”
Eligible applications will be evaluated on a case-by-case basis.
“The goal of the Downtown CIP is to create more job opportunities and draw talent to the downtown area by attracting new office development,” said Andrew Whittemore, Commissioner, Planning and Building. “These incentives are key to unlocking opportunities to better balance residential and employment space for a healthy, vibrant and prosperous downtown where people can live, work, play and raise a family.”
All proposals are subject to City Council approval and budget availability, except where approval is delegated to staff. The Downtown CIP is in effect until July 4, 2022.