Item - 2022.EC31.32
Tracking Status
- City Council adopted this item on July 19, 20, 21 and 22, 2022 without amendments.
- This item was considered by the Economic and Community Development Committee on July 6, 2022 and adopted without amendment. It will be considered by City Council on July 19, 20, 21 and 22, 2022.
EC31.32 - Applications to the Imagination, Manufacturing, Innovation and Technology Property Tax Incentive Program
- Decision Type:
- ACTION
- Status:
- Adopted
- Wards:
- 6 - York Centre, 14 - Toronto - Danforth
City Council Decision
City Council on July 19, 20, 21 and 22, 2022, adopted the following:
1. City Council approve an Imagination, Manufacturing, Innovation and Technology incentive for the following application:
- 1755 Steeles Avenue West-Sanofi Pasteur Limited in the estimated grant amount of $10-15 million over ten years.
2. City Council authorize the General Manager, Economic Development and Culture to negotiate and execute a Financial Incentive Agreement in a form satisfactory to the City Solicitor.
Background Information (Committee)
https://www.toronto.ca/legdocs/mmis/2022/ec/bgrd/backgroundfile-228539.pdf
Attachment 2 - Review of Sanofi Pasteur Application Under the Imagination, Manufacturing, Innovation and Technology Property Tax Incentive Program
https://www.toronto.ca/legdocs/mmis/2022/ec/bgrd/backgroundfile-228540.pdf
Motions (City Council)
Vote (Adopt Item) Jul-21-2022 11:06 AM
| Result: Carried | Majority Required - EC31.32 - Adopt the Item |
|---|---|
| Total members that voted Yes: 21 | Members that voted Yes are Paul Ainslie, Ana Bailão, Brad Bradford, Shelley Carroll, Mike Colle, Gary Crawford, John Filion, Mark Grimes, Stephen Holyday, Cynthia Lai, Mike Layton, Nick Mantas, Jennifer McKelvie, Joe Mihevc, Denzil Minnan-Wong, Frances Nunziata (Chair), James Pasternak, Anthony Perruzza, Jaye Robinson, Michael Thompson, John Tory |
| Total members that voted No: 2 | Members that voted No are Robin Buxton Potts, Gord Perks |
| Total members that were Absent: 2 | Members that were absent are Paula Fletcher, Josh Matlow |
EC31.32 - Applications to the Imagination, Manufacturing, Innovation and Technology Property Tax Incentive Program
- Decision Type:
- ACTION
- Status:
- Adopted
- Wards:
- 6 - York Centre, 14 - Toronto - Danforth
Committee Recommendations
The Economic and Community Development Committee recommends that:
1. City Council approve an Imagination, Manufacturing, Innovation and Technology incentive for the following application:
- 1755 Steeles Avenue West-Sanofi Pasteur Limited in the estimated grant amount of $10-15 million over ten years
2. City Council authorize the General Manager of Economic Development and Culture to negotiate and execute a Financial Incentive Agreement in a form satisfactory to the City Solicitor.
Origin
Summary
The Imagination, Manufacturing, Innovation and Technology (IMIT) Property Tax Incentive Program authorized by By-law 1323-2012 states that City Council approval is required for any Development Grant application with an estimated construction value of development exceeding $150 million (one hundred and fifty million dollars).
In addition to an assessment by the Economic Development and Culture (EDC) Division, recommendations related to IMIT Development Grants are informed in part by a third party review, which provides a detailed analysis of applications.
This report provides a review and a recommendation on an application for the IMIT program for a project in Ward 6 - York Centre.
This report also provides an update on IMIT program applications for other projects with an estimated construction exceeding $150 million which continue to be reviewed and assessed at this time, including three proposed projects in the East Harbour precinct in Ward 14 - Toronto-Danforth.
Background Information
https://www.toronto.ca/legdocs/mmis/2022/ec/bgrd/backgroundfile-228539.pdf
Attachment 2 - Review of Sanofi Pasteur Application Under the Imagination, Manufacturing, Innovation and Technology Property Tax Incentive Program
https://www.toronto.ca/legdocs/mmis/2022/ec/bgrd/backgroundfile-228540.pdf