B
billonlogan
Guest
City moves to attract development to Yonge-Eglinton
Focus so far is on midtown, Scarborough, Etobicoke and North York
SUSAN O'NEILL
Apr. 12, 2007
Encouraging new office development near Yonge and Eglinton is the goal of a proposal being presented to city council later this month.
The planning and growth management committee approved a recommendation that four city centres - Scarborough, Etobicoke, North York and Yonge-Eglinton - be designated as community improvement project areas so the city can create incentives to make the neighbourhoods more competitive as potential locations for development.
"The importance (of designating the areas) is it provides the opportunity to put in place additional financial tools to assist in community improvement in an area," Ward 5 Councillor Peter Milczyn (Etobicoke-Lakeshore) said.
"With the City of Toronto Act, the city has the ability to look at tax incentive schemes to try to attract office development. It's something that under the old Municipal Act was not allowed," said Milczyn, who serves as vice-chair of the planning committee.
Milczyn said the city could, for example, offer developers a tax deferral scheme as an incentive to locate their businesses in one of the four centres, which have continued to attract residential development.
However, Milczyn said it's important to have a mix of residential and employment, which is why the city needs a mechanism to help Toronto reach the goals laid out in its official plan.
"It's not enough to have the plan and hope it unfolds accordingly," Milczyn said.
"Obviously over the last 20 years it's been difficult to attract additional office development," Milczyn said, adding that he's hopeful council will approve a policy providing tax incentives to level the playing field with the 905 area by the end of the year.
That plan, combined with the provincial budget announcement in March that Queen's Park will cut business education taxes by $540 million over the next seven years, will help the city attract new investments, Milczyn said.
Members of the public will have the opportunity to provide input on the community improvement plans for each of the four areas once they have been drawn up by staff.
Focus so far is on midtown, Scarborough, Etobicoke and North York
SUSAN O'NEILL
Apr. 12, 2007
Encouraging new office development near Yonge and Eglinton is the goal of a proposal being presented to city council later this month.
The planning and growth management committee approved a recommendation that four city centres - Scarborough, Etobicoke, North York and Yonge-Eglinton - be designated as community improvement project areas so the city can create incentives to make the neighbourhoods more competitive as potential locations for development.
"The importance (of designating the areas) is it provides the opportunity to put in place additional financial tools to assist in community improvement in an area," Ward 5 Councillor Peter Milczyn (Etobicoke-Lakeshore) said.
"With the City of Toronto Act, the city has the ability to look at tax incentive schemes to try to attract office development. It's something that under the old Municipal Act was not allowed," said Milczyn, who serves as vice-chair of the planning committee.
Milczyn said the city could, for example, offer developers a tax deferral scheme as an incentive to locate their businesses in one of the four centres, which have continued to attract residential development.
However, Milczyn said it's important to have a mix of residential and employment, which is why the city needs a mechanism to help Toronto reach the goals laid out in its official plan.
"It's not enough to have the plan and hope it unfolds accordingly," Milczyn said.
"Obviously over the last 20 years it's been difficult to attract additional office development," Milczyn said, adding that he's hopeful council will approve a policy providing tax incentives to level the playing field with the 905 area by the end of the year.
That plan, combined with the provincial budget announcement in March that Queen's Park will cut business education taxes by $540 million over the next seven years, will help the city attract new investments, Milczyn said.
Members of the public will have the opportunity to provide input on the community improvement plans for each of the four areas once they have been drawn up by staff.