This is an idea to create a tax free enterprise zone on properties outlined below. The proposal will stimulate reinvestment in downtown Hamilton and attract expanding office headquarters from the western GTA.
Features of the zone:
Tax free for new building construction
Tax free for 25 years (negotiable based on project type)
Undeveloped sites (surface parking) maintains existing taxing structure
Increases downtown employment
Employment to attract new residents
Targets:
Mixed use Commercial and Residential
Multistory Retail or Hotel
Bonuses for Entertainment Venues or Convention Facilities
Site Selection:
'Nothing to lose scenario'
Existing surface parking is not generating significant tax revenue
Redevelopment will have spin off effects on surrounding Historical City
New construction will have spin off effects increasing tax assessments on surrounding properties
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