Many of you will be familiar with IMIT grants that rebate a portion of property taxes for a period of several years to induce certain types of development.
@Amare and I, among others have taken issue w/this program, which has certainly had the appearance of giving a good deal of money to projects that would have been built anyway, based on market conditions.
The latest report looking at the program goes to next week's Executive Ctte.
Should it be approved, it will make material changes.
From the above:
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I agree with the general direction of the changes above, in particular limited support for new office (likely a non-issue for a few years anyway); and implementing a sunset clause so that beneficiaries can't 'bank' an approval.
Absolute fantastic find
@Northern Light and i'm very happy to read about the quite significant amount of change proposed to the IMIT program!
Over the past decade there have been numerous large firms who have been able to milk this program without restraint while full while knowing they didnt need to, but they were able to because of how convenient the program was and how easy it was to access these grants. I've had very strong words regarding this program in the past and i've stated it should be outright eliminated in the downtown core because it's essentially providing free money for firms who would've built in the core irrespective of if the grant was around or not.
There are several things I love about the proposed changes:
-The narrowing of eligibility for office developments is fantastic (although the effect will be a bit mute for the foreseeable future because of the downturn in the office market),
- Simplifying the extensive list of sectors the could qualify is great so the city isnt giving out blanket grants to sectors who in no way need the benefits,
- Scrutinizing and severely limiting/eliminating IMIT grants for the downtown core while being flexible to extend grants outside the core is something i've been calling for and it's great to see the city finally looked into this
- The elimination of the Enhanced Grants is great, it was a needless free money piss away and in my eyes low-hanging fruit that should've long been eliminated
This is the kind of stuff our municipal government needs to do, and i'm glad the current administration has the guts to do what was a long needed change. The previous status quo administration (*cough John Tory*) was a joke for not changing this program and frankly the city was being exploited financially.
For those who arent quite familiar with the program, the changes that are listed are quite substantial and they'll all benefit the city tremendously without costing the city a dime.