Offices are critical for a successful downtown and the City of Mississauga is proposing a new planning tool which provides incentives to help attract new office development to the Downtown Core. A draft Community Improvement Plan (CIP) will be before Planning and Development Committee at which time public input will be sought on the following four new incentive programs:
- Tax Increment Equivalent Grant (TIEG) – a grant equivalent to a portion of the increase in the municipal property taxes directly attributable to a development or improvement.
- Development Processing Fees Rebate – a rebate on municipal planning fees (e.g. rezoning, site plan application fees).
- Municipally Funded Parking Program – the City may build and own a municipal stand-alone parking facility. Alternatively, the City may co-locate a portion of municipally owned parking within a private office building development.
- Municipal Property Acquisition and Disposition – The City may acquire key properties for redeveloping them for office buildings. The City may also elect to dispose of City-owned lands to attract new office building development.
Members of the public and the business community are invited to attend a public meeting to share their views on the draft Downtown CIP. The CIP report is available online here.
What: Proposed Downtown Community Improvement Plan
Where: Civic Centre, Council Chamber, 300 City Centre Drive
When: Monday, October 24, 2016
Time: 7 p.m. – CINEWS