The City of Brampton will begin waiving development charges for all office builds, including mixed-use projects. The incentive was created amid growing demand for office space in a city with one of the lowest office vacancy rates in the province, which currently stands at one per cent.
The program, which includes development charge waivers and deferrals, applies to office space and complementary uses that align with one or more of the following sectors: advanced manufacturing, food and beverage processing, innovation and technology, health and life sciences or professional services.
“Our goal with this policy is to welcome businesses with open arms and create an environment for home-grown, Canadian businesses to thrive,” said Regional Councillor and Chair of Economic Development Gurpartap Singh Toor. “Our policy is a more robust and fulsome incentive than any other municipality in the GTA and we are excited to see the response from businesses and developers to this and other benefits we are announcing.”
An earlier version of the City’s development charge program saw pioneering Canadian aerospace company, MDA Space, with developer Kaneff Group, save about $2.5 million in the building of its head office and research and development centre at Financial Drive and Highway 407.
“With one of the lowest office vacancy rates in the province, this bold new incentive will allow businesses to establish themselves in a well-connected and forward-thinking city,” said Regional Councillor and Chair of Planning and Development Michael Palleschi . “We’ve listened to the industry and this initiative reflects our commitment to working with our partners and incentivizing job creation across the city to ensure Brampton remains a prime destination for top-tier companies and talent.”
The announcement, made on April 10, works in tandem with other programs to attract businesses, such as a tax increment equivalent grant, which will cover the incremental tax increases for qualifying offices with a scaling incremental rate that delays full tax payments until the 10th year of operation.
As well, Brampton’s Business Climate Partnership Program was designed to help businesses take cost-effective steps to address climate change through site assessments, one-on-one support and a capacity building workshop. These incentives are in addition to the “Made in Canada” procurement policy, announced last month.
“Brampton is removing barriers to investment and accelerating growth,” said Rowena Santos, vice chair of economic development. “Waiving development charges for office projects sends a clear signal- Brampton is open for business and committed to supporting job creation, innovation, and economic growth at both the local and national level.”
Feature photo: The MDA Space headquarters will be the home for the design, development and manufacture of the Canadarm3.
