The City of Quinte West is launching a new industrial incentive program, the first of its kind in Eastern Ontario, to try and attract new business to the city.
The Industrial Community Improvement Plan aims to have businesses set up in targeted areas of the city, with successful applicants eligible for a five-year break on their city taxes over a five year period, depending on how they score through the process.
Economic Development Coordinator Ben Hagerman tells Quinte News there are a number of factors the city will be looking at.
He says a business would need to score more than 20 points in the rubric-based system to receive a 100% tax break and would need to score at least eight points to get any type of incentive.
Hagerman adds there isn’t much restriction on the type of businesses and the program is open to both new and existing companies.
The program took about a year to put in place, based on a consultant’s report, consultation with the business community, public meetings and other stakeholders.
You can click here to learn more about the Industrial Community Improvement Program and find out how to apply.
