New Community Improvement Plan Targets Growth
North Bay, ON – Sep. 2, 2020 – The City of North Bay has rolled out a package of expanded and enhanced business incentives to help support existing companies and facilitate new investment in the community.
Building on existing programs, the new Growth Community Improvement Plan (GCIP) offers financial incentives to encourage and support certain private-sector housing projects and developments on industrial lands, as well as those within the City’s Downtown and Waterfront areas.
Although developed and approved prior to COVID-19, the new GCIP will serve as a valuable tool for the City in its post-pandemic economic development efforts.
“The COVID-19 pandemic has underscored the importance of lifestyle and the need to work safely and productively from anywhere in the world, making North Bay that much more attractive to businesses seeking locations outside of larger urban areas,” said Mayor Al McDonald. “Companies not only have the ability to work remotely, but can offer their employees a more affordable place to live with more space.”
Under the new GCIP, each target area has unique programs to encourage sustainable development and the creation of industry and new jobs. Depending on the project, developments could qualify for incremental tax rebates for up to four years, as well as rebates for municipal fees, development charges, and professional studies.
In the Downtown and Waterfront Target areas, grants are available for facade and building improvements, public art projects, sidewalk patios, and parking and landscaping improvements. Some development projects may also qualify for exemptions to parking requirements or parking and transit fee rebates.
“This will support job growth and economic development through the revitalization of the Downtown,” said Coun. Johanne Brousseau, Chair of Council’s Community Services Committee, adding incentives for the older housing stock in the core of the City to be renovated, converted and renewed are offered through the Housing Target Area. “This will assist in creating new housing units through the renovation and result in better upkeep in this area.”