There are no upcoming events right now.
Why not post one?
Recent Articles
- Justice for Indigenous Peoples is Long Overdueby Ryan McGreal, published June 30, 2021 in Commentary
(0 comments)
- Third-Party Election Advertising Ban About Silencing Workersby Chantal Mancini, published June 29, 2021 in Politics
(0 comments)
- Did Doug Ford Test the 'Great Barrington Declaration' on Ontarians?by Ryan McGreal, published June 29, 2021 in Special Report: COVID-19
(1 comment)
- An Update on Raise the Hammerby Ryan McGreal, published June 28, 2021 in Site Notes
(0 comments)
- Nestlé Selling North American Water Bottling to an Private Equity Firmby Doreen Nicoll, published February 23, 2021 in Healing Gaia
(0 comments)
- Jolley Old Sam Lawrenceby Sean Burak, published February 19, 2021 in Special Report: Cycling
(0 comments)
- Right-Wing Extremism is a Driving Force in Modern Conservatismby Ryan McGreal, published February 18, 2021 in Special Report: Extremism
(0 comments)
- Municipalities Need to Unite against Ford's Firehose of Land Use Changesby Michelle Silverton, published February 16, 2021 in Special Report
(0 comments)
- Challenging Doug Ford's Pandemic Narrativeby Ryan McGreal, published January 25, 2021 in Special Report: COVID-19
(1 comment)
- The Year 2020 Has Been a Wakeup Callby Michael Nabert, published December 31, 2020 in Special Report: COVID-19
(0 comments)
- The COVID-19 Marshmallow Experimentby Ryan McGreal, published December 22, 2020 in Special Report: COVID-19
(0 comments)
- All I Want for Christmas, 2020by Kevin Somers, published December 21, 2020 in Entertainment and Sports
(1 comment)
- Hamilton Shelters Remarkably COVID-19 Free Thanks to Innovative Testing Programby Jason Allen, published December 21, 2020 in Special Report: COVID-19
(0 comments)
- Province Rams Through Glass Factory in Stratfordby Doreen Nicoll, published December 21, 2020 in Healing Gaia
(0 comments)
- We Can Prevent Traffic Deaths if We Make Safety a Real Priorityby Ryan McGreal, published December 08, 2020 in Special Report: Walkable Streets
(5 comments)
- These Aren't 'Accidents', These Are Resultsby Tom Flood, published December 04, 2020 in Special Report: Walkable Streets
(1 comment)
- Conservation Conundrumby Paul Weinberg, published December 04, 2020 in Special Report
(0 comments)
- Defund Police Protest Threatens Fragile Ruling Classby Cameron Kroetsch, published December 03, 2020 in Special Report: Anti-Racism
(2 comments)
- Measuring the Potential of Biogas to Reduce GHG Emissionsby John Loukidelis and Thomas Cassidy, published November 23, 2020 in Special Report: Climate Change
(0 comments)
- Ontario Squanders Early Pandemic Sacrificeby Ryan McGreal, published November 18, 2020 in Special Report: COVID-19
(0 comments)
Article Archives
Blog Archives
Site Tools
Feeds
By Bob Bratina (anonymous) | Posted December 29, 2008 at 11:20:17
I'm not sure what you mean by "obvious political reasons". Our problems begin with the fact that the current Council structure does not facilitate good decision-making. What goes on is a kind of power struggle to see who gets to do what with the tax money, thereby enhancing one's own profile with the electorate, thereby hopefully ensuring your re-election. The classic example is the east end bridge from the Rennie Street dump across the Queen Elizabeth Highway to the Beach trail. What would enlightened businessmen do with a $14 million dollar grant and an annual operating cost of $300,000? (remembering that a useable bridge could be built to cross the QEW at Rennie Street for $1 million, according to our staff). How does this middle-of-nowhere investment move us forward?
With regard to incentives...absolutely. We generated $200 million in development Downtown with the expenditure of 1.4 million dollars...the interest portion of our interest-free loans program, along with our "Enterprize Zone Tax Incentive Program." Simply by reducing some of the banks' exposure the projects went ahead, such as Staybridge Suites, Chateau Royale, Spallaci's Terraces on King, Rebecca lofts, etc. etc. The Tax Incentive program works like this. For each grant application approved, the program authorizes a five-year grant, in an amount not exceeding the increase in municipal realty taxes as a direct result of the development or redevelopment of the land and/or building. Approved grants are 100 percent of the municipal realty tax increase during the first year, 80 percent in year two, 60 percent in year three, 40 percent in year four and 20 percent in year five. The new Simpson Wigle office building on Hunter at James South is the most recent example of that program, turning a zero-assessment vacant public health building into beautifully renovated professional offices which will generate $140,000 a year in taxes.
So we do have some magic bullets. Our problem right now is the stretch of King Street between Catherine and James, beginning with the vacant Connaught Hotel. That's a much higher priority than the Lister Block, upon which we will spend over the next 20 years $44 million dollars for 60,000 square feet of office space. This is flat-out tax spending, with no application of incentives, which could have been used to create a much more useful residential-loft building.
The business community understands this. The leaders on Council either don't understand or don't want to know.
Permalink | Context