City introduces financial incentives for downtown development

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In recent decades, the risk of investment has been too high for private developers to take on mixed-used development projects. With the recent approval of the City’s expanded Community Improvement Plan (CIP) in November, the Downtown Village Development Corp. (DVDC) is optimistic about new development in the downtown.

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Ten Reasons Why Downtown Mixed Use Development is Important

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  1. See ‘Mixed Use Represents a “smart growth” approach to development using existing infrastructure with easy access to transit.

  2. Can be incented with minimal impact to the taxpayer: a revamped T.I.F. Program, and an interest free (repayable) loan program both presently recommended for the new C.I.P. program.

  3. Will generate significant new sources of tax revenues for the City of Greater Sudbury.

  4. Will ignite immediate private sector investment.

  5. Strongly supported by the City of Greater Sudbury’s Corporate Strategic Plan, the Downtown Master Plan and the Greater Sudbury Development Corporation’s Strategic Plan: From the Ground Up.

  6. Provides an immediate solution to urgent downtown problems: lack of convenient parking, lack of residential options, lack of Class A office space and lack of ground floor retail.

  7. Will create immediate jobs.

  8. Will replace low value and unattractive surfaced parking lots with high value urban scale development.

  9. Lends immediate support to other proposed community infrastructure projects that require parking such as the Place des Arts project and the Elgin Greenway.

  10. Will lead to an improved “Sense of Place” and boost community pride in Sudbury’s historic core.

Win
CITY
Increased
Tax Revenue

Win
DOWNTOWN
Immediate
Problem Solved

Win
PRIVATE SECTOR
Reduced Risk
with Incentives

Read more ‘Mixed Use Development’

DVDC wins Economic Development Award

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We at DVDC are overwhelmed and deeply honoured to receive this award. The 2014 Northern Ontario Business Entrepreneurial Community of the Year Award has been awarded for our leadership and positive impact on economic growth and development in Sudbury’s historic core.

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10 Reasons to invest in downtown residential development.

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10

The downtown of any city is its most important neighbourhood.

9

The downtown is a city’s most historical neighbourhood.

8

As bored boomers leave the suburbs, they will be looking for places to live that offer a more bohemian and creative lifestyle.

7

More residents mean more retail…. more commercial….more vitality.

6

All the really fun places are downtown….unique restaurants, cafes, spas, art galleries, the Y, churches, medical services, financial services and locally-owned businesses that know how to serve you properly.

5

Our downtown is perfectly located and compact – you can walk everywhere.

4

We’ve been talking about doing this for 30 years and are way behind other Canadian cities.

3

Residential intensification in the downtown core is “smart” development — it is compact in nature, it uses existing infrastructure and provides access to transit.

2

Residential development will add millions of dollars to our tax base, helping to keep everyone’s taxes lower.

1

Only incentivized and smart residential intensification will save our downtown. Nothing else will.