As with other communities, the private sector has been unwilling to undertake new projects due to the gap between the cost of development and anticipated revenues.
In an effort to determine how other communities are responding to these challenges, DVDC has consulted with program administrators at Centre Venture, Winnipeg, and the City of Hamilton to assess incentive programs that have achieved dramatic results.
In an attempt to quantify the gap, it has consulted with local developers, senior bankers, architects and accountants to assume the minimal amount of incentives that would attract the interests of private sector developers. At the same time, it has worked closely with the Greater Sudbury Planning Department staff to bring forward recommendations to City Council on incentive options.
The revised financial incentives program is forthcoming. For information about existing financial incentives please refer to https://www.greatersudbury.ca/inside-city-hall/downtown-sudbury/financial-incentive-programs/