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."

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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.