Quinte West has approved an industrial lands improvement plan in an effort to boost development.
During Wednesday’s council meeting, council discussed the plan as presented by municipal staff.
Industrial land in Quinte West currently is priced at $250,000 per acre for a serviced site. With the elimination of exemptions for industrial development charges, the new plan examines incentives that can be used to encourage businesses to build in Quinte West.
Some of the planed incentives include a credit on property tax up to 70% for a limited time on industrial land, a grant to offset development charges, and discounts on municipal fees such as building permits.
The plan is expected to last for five years, with incentives handed out on a first-come first-served basis, as funding for the program allows.
Council approved the plan without debate, and the financial aspects were referred to future budget deliberations.
