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February 4, 2005
City Council approves $3.6 million incentive package to bring C-Series Jet Program to Downsview
  
Toronto City Council today endorsed a $3.6 million financial incentive package
to enhance Toronto's international competitiveness, as Bombardier's decision of
the C-Series Jet Final Assembly Plant location approaches. Bombardier's de
Havilland site in Downsview is one of several international sites being
considered.

"Council's decision clearly demonstrates our commitment to work together with
the aerospace community and the Province to bring new investment and jobs to
Toronto," Mayor David Miller said. "The proposed development incentives program
emphasizes the City's willingness to work with other orders of government, as
well as Bombardier, to improve the cost competitiveness, and investment
opportunities in the Downsview area."

Bringing the C-Series jet program to Toronto would create 2,500 new direct jobs
per year over the 20-year program life. It would also generate an additional
7,500 jobs at the supplier level across the GTA and place Ontario in the
forefront of the next generation of jet plane technology.

"Toronto is now doing more than merely stating its interest in working with the
Province and labour to bring new jobs here," Councillor Maria Augimeri, Chair
of the Aerospace Action Partnership said. "We are actively supporting the
Ontario bid by providing real support to the project without increasing taxes."

The proposed Community Improvement Plan (CIP) for the Downsview employment area
would provide financial incentives for the revitalization and development of
new industrial/commercial facilities in the area, and would be consistent with
the City's Official Plan. Based on 750,000 sq. ft. of new development on the
Bombardier site related to the C-Series proposal, the CIP would provide Tax
Incremental Equivalent Grants of $2.8 million and waive development-related
fees estimated at $800,000. Additional grants and fee waivers tied to new
development could also be provided to other aerospace companies that choose to
co-locate in the area.

If Toronto wins the bid to manufacture a new line of state-of-the-art jet
commercial aircraft, Bombardier will rebuild a significant portion of its
facility and add manufacturing space, thereby increasing their property taxes.
The City is proposing to return a percentage of the new taxes to the property
owner as a grant. By encouraging investment in the industrial plant, the City
will also improve its long-term financial status. These measures will not
affect the City's current tax revenue or have negative budget implications in
2005.


Media Contacts:
Councillor Maria Augimeri, Chair, Aerospace Action Partnership,
416-392-4021
Economic Development, Culture and Tourism media hotline,
416 560-8726



 

 

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