Chew's News

Latest Updates on the Canadian Motor Speedway

Posted by Greg Chew on May 7, 2015 3:49:27 PM

Estimated reading time: 4 minutes

Canadian motor speedway Fort Erie

The Canadian Motor Speedway scored major financial backing opportunities this week from the region of Niagara. This is the first form of measurable support that the Niagara regional has thrown behind the CMS despite the fact that the speedway is an incredible commercial investment for the City of Fort Erie.

Canadian Motor Speedway now eligibal for regional financial incentives

The region approved major tax breaks under the terms of the Niagara Gateway Economic Zone and the Centre Community Improvement Plan program. They have waived a $1.5 million development charge. The CMS is now eligible to apply for tax incentives that could amount to approximately $1.4 - $1.8 million in relief each year for the project over 10 years. The incentives are available under the first phase of development.

The project was originally endorsed by the Fort Erie councillors back in March, the Fort Erie Councillors then urged the Region of Niagara to reconsider the CMS as a priority under the Gateway Economic Zone and the Centre Community Improvement Plan program.

Niagara Gateway Economic Zone and Centre Community Improvement Plan

The program is run through Niagara region in conjunction with the municipalities of Fort Erie, Port Colborne, Welland, Thorold and Niagara Falls. The local and then regional councils must both approve the grant applications. The CIP offers two programs:


Tax Increment Based Grant Program (TIBG)

- applies to regional and local government property taxes

- available for up to 10 years for projects within the outlined strategic locations and for 5 years for projects outside of the strategic locations

Regional Development Charge Grant Program

- granted to “exceptional” projects that achieved high economic and environmental design performances under the program established markers

- applies to the regions development fees only with a cap of $1.5 million.


Canadian Motor Speedway by the Facts

  • $400 million track developed on 821 acres of land

  • To become Canada’s largest stadium with 65,000 seats

  • 700 permanents jobs created, 1200 construction jobs created over 20-month period

  • Completion scheduled for 2017

  • Town of Fort Erie endorsed a $15 million investment to pre-development

  • Niagara Region approved tax incentives up to $1.8 million per year over 10 years and waived a $1.5 million development fee


Debate over whether a four lane interchange should be built at Bowen Road continues. CSM announced this week that their team will present a third party traffic management study to the Ministry of Transportation later this month. This study confirms that the current two lane overpass is sufficient enough to manage the extra traffic.

To discuss commercial real estate in Niagara and Fort Erie, connect with me today. 

Connect with Greg Chew

Topics: CIP, In the news

Receive Reports From Greg Chew to Your Inbox

All blog entries on this site are the opinion of the author(s) and not those of Colliers International. Colliers International neither endorses sponsors nor necessary shares the opinions of the author(s), regardless of whether any blog is posted by any employee, officer, agent, or representative of Colliers International. Colliers International has not authorized or verified any statement of fact made in a blog, and any such statement does not constitute a statement of fact by Colliers International. Colliers International is not responsible for the monitoring or filtering of any blog, nor does Colliers International claim ownership of control over any blog.