Business and innovation | May 18, 2022
Today, Mississauga City Council endorsed extending the Downtown Community Improvement Plan (CIP) to April 22, 2026. Set to expire on July 4, 2022, the Downtown CIP will now align with the Region of Peel’s new Major Office Incentives (MOI) program which means almost double the grant benefits for qualifying office developments through the City’s Tax Increment Equivalent Grant (TIEG). Together with incentives from the Region, the City’s TIEG will make it more cost effective to build office space in Downtown Mississauga.
“More people start and end their day in Mississauga than ever before, which is why our City is building a downtown where people can live, work and play,” said Mayor Bonnie Crombie. “As we recover, we must work to ensure our downtown remains a vibrant economic hub. Combined, these incentives are powerful tools to help us attract and draw more office investment to our downtown both now and in the future. This will be a significant benefit as businesses continue to recover and people gradually return to offices, shops, restaurants and entertainment venues.”
Adopted in 2017, the Downtown CIP is a tool designed to help attract new office development to the downtown core. By providing incentives such as Tax Increment Equivalent Grants, Development Processing Fees Grants and Municipally-Funded Parking Assistance, the City is balancing residential and employment development to build a complete community where people can live, work and play.
The Downtown CIP supports the City’s goal to achieve a 1:1 employment to resident ratio in the downtown and the 2051 Region of Peel employment growth target.
“Mississauga’s Downtown Community Improvement Plan enhances the City’s ability to attract major downtown office development,” said Andrew Whittemore, Commissioner, Planning and Building. “By stacking local and regional incentives, the City is able to amplify the program’s impact and effectiveness. Our goal is to achieve an equal mix of residential and employment development, and this program helps achieve that balance while boosting the local economy.”
The City is also conducting a study on expanding the Downtown CIP’s geographic boundary to include the Downtown Fairview, Cooksville and Hospital communities. A report on this study is expected to come to Council in 2023.
Learn more about the Downtown CIP here.
City of Mississauga Media Relations
905-615-3200, ext. 5232