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←Economic and Community Development Committee · 2022-07-06 · 2022.EC31.32

The filed record

Applications to the Imagination, Manufacturing, Innovation and Technology Property Tax Incentive Program

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The decision

2022-07-19 · Toronto City Council · adopted

As filed

City Council on July 19, 20, 21 and 22, 2022, adopted the following: 1. City Council approve an Imagination, Manufacturing, Innovation and Technology incentive for the following application: - 1755 Steeles Avenue West-Sanofi Pasteur Limited in the estimated grant amount of $10-15 million over ten years. 2. City Council authorize the General Manager, Economic Development and Culture to negotiate and execute a Financial Incentive Agreement in a form satisfactory to the City Solicitor.

The vote

Adopt Item · Carried, 21-2

For (21)Ana Bailão, Anthony Perruzza, Brad Bradford, Cynthia Lai, Denzil Minnan-Wong, Frances Nunziata, Gary Crawford, James Pasternak, Jaye Robinson, Jennifer McKelvie, Joe Mihevc, John Filion, John Tory, Mark Grimes, Michael Thompson, Mike Colle, Mike Layton, Nick Mantas, Paul Ainslie, Shelley Carroll, Stephen Holyday
Against (2)Gord Perks, Robin Buxton Potts
Absent (2)Josh Matlow, Paula Fletcher
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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 for any Development Grant application with an estimated construction value of development exceeding $150 million (one hundred and fifty million dollars). In addition to an assessment by the Economic Development and Culture (EDC) Division, recommendations related to IMIT Development Grants are informed in part by a third party review, which provides a detailed analysis of applications.

Show the rest of As the city filed it, 417 more characters as filed

This report provides a review and a recommendation on an application for the IMIT program for a project in Ward 6 - York Centre. This report also provides an update on IMIT program applications for other projects with an estimated construction exceeding $150 million which continue to be reviewed and assessed at this time, including three proposed projects in the East Harbour precinct in Ward 14 - Toronto-Danforth.

Staff recommended

The Interim General Manager, Economic Development and Culture recommends that: 1. City Council approve an Imagination, Manufacturing, Innovation and Technology incentive for the following application: - 1755 Steeles Avenue West-Sanofi Pasteur Limited in the estimated grant amount of $10-15 million over ten years 2. City Council authorize the General Manager of Economic Development and Culture to negotiate and execute a Financial Incentive Agreement in a form satisfactory to the City Solicitor.

Considered

  • 2022-07-06 · Economic and Community Development Committee · adopted

    Decision as filed

    The Economic and Community Development Committee recommends that: 1. City Council approve an Imagination, Manufacturing, Innovation and Technology incentive for the following application: - 1755 Steeles Avenue West-Sanofi Pasteur Limited in the estimated grant amount of $10-15 million over ten years 2. City Council authorize the General Manager of Economic Development and Culture to negotiate and execute a Financial Incentive Agreement in a form satisfactory to the City Solicitor.

  • 2022-07-19 · Toronto City Council · adopted

On the record

The item as the City filed it

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