Item - 2021.EC24.4

The Economic and Community Development Committee recommends that:

1.  City Council approve Imagination, Manufacturing, Innovation and Technology (IMIT) property tax incentives for the following applications:

a.  530 Front Street West - Portland Commons LP in the estimated grant amount of $20.8 million over 10 years; and

b.  200 Front Street East - First Gulf King Street Inc. in the estimated grant amount of $22.7 million over 10 years.

2.  City Council authorize the General Manager, Economic Development and Culture to negotiate and execute a Financial Incentive Agreement for the applications in Recommendation 1 above in a form satisfactory to the City Solicitor.

The Imagination, Manufacturing, Innovation and Technology (IMIT) Property Tax Incentive Program authorized by By-law 1323-2012 states that City Council approval is required in cases where an application for Development Grants has an estimated construction value for the development exceeding $150,000,000.

Two applications for IMIT Program Development Grants have been received for projects with a construction value exceeding $150,000,000.

This report reviews these applications and provides staff recommendations.

Staff recommendations for IMIT Program Development Grants are based in part on a third-party review, attached as an addendum that provides a detailed analysis of each application.