Ontario Construction News staff writer
Brampton City Council has approved a Community Improvement Plan (CIP) to stimulate employment growth, support new building expansion in targeted sectors, and strengthen Brampton’s local economy.
Last year, Brampton endorsed an Economic Recovery Strategy as a framework organized into four cornerstones: Innovation, Technology and Entrepreneurship, which includes better support for entrepreneurs and small businesses; Investment; Arts, Culture and Tourism; and Infrastructure.
“A Community Improvement Plan offers a range of ways to enhance the City of Brampton’s ability to encourage private investment contributing to our local economic recovery. Brampton is a City of Opportunities and establishing a CIP is another important piece to realize our goals as we move through the pandemic into economic recovery,” said Mayor Patrick Brown.
Investment and planning applications received in Q1 of 2021 are nearly double compared to the first three months of 2020 and 2019.
To build on that momentum, the establishment of a CIP is another step towards restarting the local economy and furthering Brampton’s competitive advantage. The Province of Ontario’s Planning Act allows local municipalities to designate an area as a Community Improvement Project Area offering financial and non-financial incentives to the private sector to create employment opportunities and amenities needed for a growing City.
Among the potential tools to be offered under the CIP is a Tax Increment Equivalent Grant (TIEG) aimed at attracting office employment including complementary uses such as research and lab space. The TIEG is a grant to offset a portion of the property tax increase the business owner will face.
Additionally, by implementing a city-wide TIEG for office employment, the City of Brampton will be able to access the Region’s TIEG being offered through its Major Office Program, expected to launch in 2021. Increasing investment in projects for quality office space also fosters an environment of “complete communities” where residents can live, work, and learn.
City staff has been directed to prepare and finalize the CIP during Q2 and Q3 of 2021. The City will hold a statutory public meeting later this year and the final CIP will be sent to the Ontario Ministry of Municipal Affairs and Housing for review and comment. The CIP is expected to launch by the end of Q4.
Incentives will be offered for a set period of time and regularly reviewed to ensure the goals and objectives of the City of Brampton’s employment needs are being met. The CIP also aligns with the Term of Council Priorities as a “City of Opportunities.”
The CIP aims to attract additional employment in its key sectors: innovation and technology; entrepreneurship; health and life sciences; and advanced manufacturing. Current market conditions in Brampton support the continued investment in new construction in each of these areas.
“This Community Improvement Plan will help strengthen neighbourhoods as well as stimulate private sector investment and revitalize the community through our own activities and key partnerships,” said councillor Pat Fortini.