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Late last week, I attended a regional presentation on Niagara’s Economic Gateway Incentive Program.
The program was developed to leverage Niagara’s economic zone designation under the Provincial Growth Plan. Through the program areas within Niagara that are considered of “unique economic importance” now fall under the Niagara Gateway Economic Zone and Gateway Economic Centre. The Gateway CIP then offers incentives for development and redevelopment within this strategic area.
There are two programs available through the Gateway CIP as outlined below:
Strategic Locations for Investment
Strategic areas identified by the region and municipalities are given first priority under the program. The strategic locations are located within the urban boundaries of Thorold, Niagara Falls, Port Colborne, Welland and Fort Erie.
Brock Business Park
Welland Canal Green Manufacturing and Assembly Zone
Niagara Falls Priority Investment Area
Niagara Falls QEW Business Park
Highway 406 Economic Gateway
Fort Erie Industrial Park
Tax Increment Based Grant Program
The tax increment based grant program is a 5-10 year tax relief program for projects that increase the assessed value of a property. The tax relief is a percentage based program and tax relief applies to both municipal and regional property taxes.
TIBG is evaluated under a point system that scores based on the economic and environmental performance of the proposed construction. The economic performance takes into account jobs created/retained and the construction value, whereas environmental performance is awarded to construction with LEED certification or conformity to the Region’s Smart Growth Design Criteria.
Note: Residential and retail commercial developments are not eligible
Regional Development Charge Grant Program
Under the regional development charge grant program a rebate will be awarded a rebate on Regional development charges once construction has been completed. It should be noted that if you demolish a building in these zones there are development charge credits that you can apply for (from both the municipality and the region, identified here). Through these credits you would only pay a development charge on the increase in the size of the building.
Success of the Program
To date two applications have been approved through the program including one for Welland’s Northern Gold Foods; the Enterprise Industrial Subdivision based production facility will recieve tax relief of 75%. There are three applications are under review and there are upwards of 6 in pre-submission according to the region.
To learn more about the Gateway CIP application process, or to inquire if your property is eligible connect with me below.