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

The applicant has also applied for the Brownfield Remediation Tax Assistance incentive. By-law 1207-2018 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 million. Due to the potential financial implications to the City of approving an Imagination, Manufacturing, Innovation and Technology Program application for a project of this size, the City contracted with Hemson Consulting Limited. to provide a third-party review and detailed analysis of the subject applications (Attachment 2). For the reasons detailed in this report, staff recommends the approval of the application for 29, 35, 41 and 75 Basin Street. In the fourth quarter of 2024, a new City-wide Community Improvement Plan for a Financial Incentive Program consisting of development grants will be brought forward to City Council. Until any new City-Wide Community Improvement Plan by-law is approved and in force, applications received under the existing program will continue to be considered and processed under the applicable in-force by-law at the date of the application's receipt. This report was prepared by Economic Development and Culture division in consultation with City Planning, Finance and Treasury Services, and Social Development, Finance and Administration.

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