Item - 2016.ED13.10
Tracking Status
- This item was considered by Economic Development Committee on June 22, 2016 and was adopted with amendments.
ED13.10 - Vacant Commercial and Industrial Tax Relief Program
- Decision Type:
- ACTION
- Status:
- Amended
- Wards:
- All
Committee Decision
The Economic Development Committee:
1. Requested the Deputy City Manager and Chief Financial Officer and the General Manager, Economic Development and Culture report to the September 19, 2016 meeting of the Economic Development Committee with an update on the Provincial Review of the Vacant Unit Rebate policy and the status of the Working group.
2. Requested the General Manager, Economic Development and Culture to facilitate DECA providing the video, from deputant Gay Stephenson, to the Association of Municipalities of Ontario (AMO) and to the Toronto Association of Business Improvement Areas (TABIA) for their circulation to appropriate committees.
Origin
Summary
In May 8, 2014, Council considered a report entitled, "Re-designing the Vacant Commercial and Industrial Tax Relief Program to Stimulate Economic Growth." This report called on the provincial government "to stimulate economic growth and job creation and enhance local retail and employment areas by amending the legislation and/or regulations governing the Vacant Commercial and Industrial Property Tax Rebate program."
Council also requested staff to establish "a working group with community groups, BIAs, other interested non-governmental organizations that are working on innovative initiatives to incubate small business and cultural activity in vacant storefronts, to further develop new models for the Property Tax Rebate for vacant commercial and industrial buildings that encourage community and local economic activity."
More recently the City called for changes to the Vacant Commercial and Industrial Tax Relief Program as part of the City of Toronto Act discussions. Other municipalities across the province are also seeking greater flexibility under this provincial program.
The 2016 Ontario Budget announced that the Province has initiated a review of the Vacant Unit Rebate and Vacant/Excess Land Subclasses and will be introducing a legislative framework to facilitate potential changes to the programs as a result of the review.
Background Information
https://www.toronto.ca/legdocs/mmis/2016/ed/bgrd/backgroundfile-94225.pdf
Communications
https://www.toronto.ca/legdocs/mmis/2016/ed/comm/communicationfile-61637.pdf
Speakers
Councillor Janet Davis
Motions
That the General Manager, Economic Development and Culture be requested to facilitate DECA providing the video, from deputant Gay Stephenson, to the Association of Municipalities of Ontario (AMO) and to the Toronto Association of Business Improvement Areas (TABIA) for their circulation to appropriate committees.