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October 31, 2005
Enhancing Toronto's business climate is everybody's business
Today Toronto City Council approved a plan designed to boost Toronto’s business
community and attract new jobs to the city.

"Enhancing Toronto's Business Climate -- It's Everybody's Business" is designed
to help Toronto compete both globally and locally.

"Toronto must compete worldwide for investment and jobs. At the same time, we
have to remain competitive regionally and nationally," said Mayor David Miller.
"This report is a major step in furthering council's priority of enhancing
Toronto's business climate."

The plan makes 13 recommendations, including shifting some of the property tax
burden away from businesses, and creating a Mayor's Economic Competitive
Advisory Committee dedicated to improving the business climate in Toronto.

"The City of Toronto has seen a steady decline in the number of businesses
locating here," said the Chair of the Economic Development and Parks Committee,
Councillor Gloria Lindsay Luby. "This means a loss of jobs for our residents
and the risk of becoming a city with limited business opportunities."

"Toronto remains a competitive place to do business internationally, but we
have been losing employment to the surrounding regions," said Councillor David
Soknacki, Chair of the Budget Advisory Committee. This has had negative
implications to Toronto's fiscal sustainability, environmental responsibility,
and social equity."

"Enhancing Toronto's Business Climate" was developed through extensive public
and industry stakeholder consultation, and extensive research and analysis by
City staff.

"These recommendations will help create the conditions for a strong commercial
and industrial tax base, which over the long run will benefit all residents,"
said Deputy City Manager and Chief Financial Officer, Joseph Pennachetti.

Media contacts:
Joseph P. Pennachetti, Deputy City Manager & Chief Financial Officer,
Patchen Barss, Communications Director, Mayor’s Office,
Paul Ainslie, Executive Assistant to Councillor David Soknacki,
Cindy Bromley, Finance Communications Manager, 416-392-4993



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