Program offers grants aimed at promoting development on Sudbury industrial lands
Greater Sudbury has launched an employment land community improvement plan (CIP) as a way to stimulate growth and attract new development on industrial lands.
City officials said it’s the first of its kind for the city. It offers financial incentives to property owners or tenants with projects that strengthen and diversify the community's industrial sectors.
A special focus will be put on increased employment and investment.
The program will provide projects with a tax increment equivalent grant subsidizing 100 per cent of the municipal portion of the increased new tax assessment value on the completed project for a three-, five-, seven- or 10-year period based on a point system.
"It's about truly creating the growth here and certainly welcoming growth in our community and basically what it is in a nutshell is whatever municipal taxes they were paying before, after they've completed their investments, over a period of time we're going to increase their taxes,” said Mayor Paul Lefebvre.
“It won't happen overnight. The year after they're done, the full new assessment will take place – it'll be done rather three, five or 10 years depending on the size of investment that they're doing."
- Download our app to get local alerts on your device
- Get the latest local updates right to your inbox
Points will be awarded to a project based on the number of jobs created and retained in Sudbury.
Additional points will be awarded if they're considered a strategic industry such as clean tech, life sciences, tourism or film.
CTVNews.ca Top Stories
Canadian former Olympic snowboarder wanted in Ontario double homicide: DOJ
A Canadian former Olympic snowboarder who is suspected of being the leader of a transnational drug trafficking group that operated in four countries is wanted for allegedly orchestrating the murder of an 'innocent' couple in Ontario in 2023, authorities say.
Ontario school board trustees under fire for $100K religious art purchase on Italy trip
Trustees with an Ontario school board are responding to criticism over a $45,000 trip to Italy, where they purchased more than $100,000 worth of religious statues.
A photographer snorkeled for hours to take this picture
Shane Gross, a Canadian marine conservation photojournalist, has won the title of Wildlife Photographer of the Year.
Tobacco giants would pay out $32.5 billion to provinces, smokers in proposed deal
Three tobacco giants are proposing to pay close to $25 billion to provinces and territories and more than $4 billion to some 100,000 Quebec smokers and their loved ones as part of a corporate restructuring process triggered by a long-running legal battle.
More Trudeau cabinet ministers not running for re-election, sources say shuffle expected soon
Federal cabinet ministers Filomena Tassi, Carla Qualtrough and Dan Vandal announced Thursday they will not run for re-election. Senior government sources tell CTV News at least one other, Marie-Claude Bibeau, doesn't plan to run again, setting the stage for Justin Trudeau to shuffle his cabinet in the coming weeks.
Robert Pickton's handwritten book seized after his death in hopes of uncovering new evidence
A handwritten book was seized from B.C. serial killer Robert Pickton's prison cell following his death earlier this year, raising hopes of uncovering new evidence in a series of unprosecuted murders.
Former members of One Direction say they're 'completely devastated' by Liam Payne's death
The former members of English boy band One Direction reacted publicly to the sudden death of their bandmate, Liam Payne, for the first time on Thursday, saying in a joint statement that they're 'completely devastated.'
Israel says it has killed top Hamas leader Yayha Sinwar in Gaza
Israeli forces in Gaza killed top Hamas leader Yahya Sinwar, a chief architect of last year's attack on Israel that sparked the war, the military said Thursday. Troops appeared to have run across him unknowingly in a battle, only to discover afterwards that a body in the rubble was Israel's most wanted man.
Indian government employee charged in foiled murder-for-hire plot in New York City
The U.S. Justice Department announced criminal charges Thursday against an Indian government employee in connection with a foiled plot to kill a Sikh separatist leader living in New York City.