Business and innovation | March 10, 2022
The City of Mississauga’s Downtown Office Community Improvement Plan (CIP), adopted in 2017, is a tool that will help us 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.
A Tax Increment Equivalent Grant (TIEG) is a grant equivalent to a portion of the municipal property tax increase on an improved or redeveloped property. Upon project completion, the City provides a grant to the property owner on an annual basis for an agreed upon term. Often the grant program diminishes in scale over the duration, starting at 100 per cent at year one and dropping each year until the last year of the program. Through the Downtown Office CIP, TIEGs are limited to property taxes charged by the City and are prorated to apply to the office development only.
The 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.
The CIP is set to expire on July 4, 2022. The City is proposing to extend the CIP to April 2026 to align with the Region of Peel’s new Major Office Incentives (MOI) program that will more than double the benefit of the City’s TIEG.
Interested residents, landowners and commercial property managers are invited to attend an upcoming community meeting.
A public meeting is taking place at Planning and Development Committee to consider the proposed extension of the City’s Downtown CIP to April 2026.
Mississauga Civic Centre – Council Chamber
300 City Centre Dr. Mississauga, ON
Planning and Development Committee
Monday, March 28, 2022, 6 p.m.
Advance registration is required to participate and/or make a comment in the virtual public meeting. Please email email@example.com no later than Friday, March 25 at 4 p.m. Any materials you wish to show the Committee during your presentation must be provided as an attachment to the email. Links to cloud services will not be accepted. Clerks’ staff will provide directions on how to participate.
Advance registration is required as limited seating may be available. Please email firstname.lastname@example.org no later than Friday, March 25 at 4 p.m.
Residents without access to the internet can participate and/or make a comment in the meeting via telephone. To register, please call Megan Piercey at 905-615-3200, ext. 4915 no later than Friday, March 25 at 4 p.m. You must provide your name, phone number and application number if you wish to speak to the Committee. Clerks’ staff will provide directions on how to participate.
Learn more about the Downtown CIP here.
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City of Mississauga Media Relations
905-615-3200, ext. 5232