The Quinte West Planning Advisory Committee is fully onboard with the Industrial Lands Community Improvement Plan.
The committee approved the document on Thursday night which will make attracting businesses to the municipality a bit easier.
WSP Senior Planner Anita Sott gave a detailed presentation to the committee and says she worked very closely with city staff on the report.
The CIP is meant to provide an industrial focused financial incentive program for developments in the city-owned industrial parks (North Murray Industrial Park, Frankford Industrial Park and Carrying Place).
The plan includes two financial incentive programs, one of which would see a grant given to the company or business for a rebate of up to 100% of municipal taxes over five years if their taxes increase on the property because of development, redevelopment or building improvements.
Quinte West Director of Planning and Development Services Brian Jardine.
The rebate only applies to the municipal portion of the taxes, not the education taxes.
Jardine says the amount of the rebate will depend on a scoring formula developed by the City of Quinte West, but he estimates most will fall between the 60-70% mark.
The Industrial Lands CIP will now be finalized and will come before council for approval at their May 6 meeting.
Once approved by council, the city can begin marketing the CIP.
Manager of Economic Development and Tourism Linda Lisle told the committee this is another excellent tool for economic development and it is a very attractive package for businesses.
The CIP is meant to encourage the development of medium to large businesses.
Councillor David McCue said the plan is a great way for the city to move forward and staff have done an excellent job putting this CIP together.
