Chew's News

Notes on Niagara’s Economic Gateway Incentive Program

Posted by Greg Chew on Sep 15, 2015 2:30:00 PM

Estimated reading times: 3 minutes 

Niagara’s Economic Gateway Incentive Program

 

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.

Connect with Greg Chew

Topics: CIP, Industrial development, Niagara

Receive Reports From Greg Chew to Your Inbox

Disclaimer
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.