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

Under this Community Improvement Plan, Imagination, Manufacturing, Innovation, and Technology applications for projects with an estimated construction value above $150 million require City Council approval. Due to the potential financial implications to the City of approving an Imagination, Manufacturing, Innovation, and Technology incentive for a project with a construction value exceeding $150 million, the City contracted with Hemson Consulting Ltd. to provide a third-party review of the subject applications. Among other factors, staff's assessment of the applications considers Hemson's analysis (Attachment 2); the City's aggregate investment in East Harbour and the surrounding area (in flood protection, transit, roads, and community infrastructure); Toronto's fiscal position and priorities; and changes to land use planning permissions in East Harbour resulting from the issuance of Minister's Zoning Order 329/22 (MZO). For the reasons detailed in this report, staff recommends refusal of the three applications. This report was prepared by the Economic Development and Culture division in consultation with City Planning, Legal Services, and Finance and Treasury Services divisions.