Two Applications to the Imagination, Manufacturing, Innovation and Technology (IMIT) Property Tax Incentive Program

The Public Gallery wrote no story on this item. What follows is the city’s own record of what happened to it, as filed: nothing on this page is summarised or scored by us.

The decision

2021-10-01 · Toronto City Council · adopted

As filed

City Council on October 1 and 4, 2021, adopted the following: 1. City Council approve Imagination, Manufacturing, Innovation and Technology (IMIT) property tax incentives for the following applications: a. 530 Front Street West - Portland Commons LP in the estimated grant amount of $20.8 million over 10 years; and b. 200 Front Street East - First Gulf King Street Inc. in the estimated grant amount of $22.7 million over 10 years.

Show the rest of As filed, 219 more characters as filed

2. City Council authorize the General Manager, Economic Development and Culture to negotiate and execute a Financial Incentive Agreement for the applications in Part 1 above in a form satisfactory to the City Solicitor.

On the agenda

As the city filed it

The Imagination, Manufacturing, Innovation and Technology (IMIT) Property Tax Incentive Program authorized by By-law 1323-2012 states that City Council approval is required in cases where an application for Development Grants has an estimated construction value for the development exceeding $150,000,000. Two applications for IMIT Program Development Grants have been received for projects with a construction value exceeding $150,000,000.

Show the rest of As the city filed it, 254 more characters as filed

This report reviews these applications and provides staff recommendations. Staff recommendations for IMIT Program Development Grants are based in part on a third-party review, attached as an addendum that provides a detailed analysis of each application.

Staff recommended

The Interim General Manager, Economic Development and Culture recommends that: 1. City Council approve Imagination, Manufacturing, Innovation and Technology (IMIT) property tax incentives for the following applications: a. 530 Front Street West - Portland Commons LP in the estimated grant amount of $20.8 million over 10 years; and b. 200 Front Street East - First Gulf King Street Inc. in the estimated grant amount of $22.7 million over 10 years.

Show the rest of Staff recommended, 229 more characters as filed

2. City Council authorize the General Manager, Economic Development and Culture to negotiate and execute a Financial Incentive Agreement for the applications in Recommendation 1 above in a form satisfactory to the City Solicitor.

Considered

2021-09-22 · Economic and Community Development Committee · adopted
Decision as filed
The Economic and Community Development Committee recommends that: 1. City Council approve Imagination, Manufacturing, Innovation and Technology (IMIT) property tax incentives for the following applications: a. 530 Front Street West - Portland Commons LP in the estimated grant amount of $20.8 million over 10 years; and b. 200 Front Street East - First Gulf King Street Inc. in the estimated grant amount of $22.7 million over 10 years.
Show the rest of Decision as filed, 229 more characters as filed
2. City Council authorize the General Manager, Economic Development and Culture to negotiate and execute a Financial Incentive Agreement for the applications in Recommendation 1 above in a form satisfactory to the City Solicitor.
2021-10-01 · Toronto City Council · adopted

On the record

The item as the City filed it

More from this meeting

The whole meeting