Bringing Lakeview Innovation District to Life: City Seeks Input on Incentive Program

The City of Mississauga is seeking input on an incentive program that will help transform a former industrial area along the waterfront into a 20-acre innovation campus. The Lakeview Innovation District, part of the 177-acre Lakeview Village development, will become an employment hub where people can research, test and develop solutions in state-of-the-art offices, flex-offices and lab spaces.

The City is currently working on developing a Community Improvement Plan (CIP) to help bring the Innovation District to life. It could include incentives to encourage uses such as:

• clean technology, including low carbon technology
• life sciences, and
• information and communications technology

Public and industry input is required to help define the types of incentives – both financial and non-financial – to help attract these uses.

“Waterfront redevelopments like Lakeview provide a unique, generational opportunity to foster innovation and spur economic growth and leading-edge technology,” said Christina Kakaflikas, Director, Mississauga Economic Development Office. “Mississauga is the second-largest employment hub in the Greater Toronto Area and the second-largest economy in Ontario. The Lakeview Innovation District will solidify our position as a major economic hub by creating thousands of highly skilled jobs in the key sectors we’re invested in growing on our waterfront.”

The City has launched a survey to take input on possible incentives including:

• Grants equivalent to post-development property tax increases
• Municipally funded parking assistance
• Below-market municipal property

The survey, which runs through April 21, is also seeking feedback and ideas on any other types of incentives that would help to spur interest in the area.

The Lakeview Innovation District is poised to become a world-renowned centre for innovation and new business. It will connect researchers, entrepreneurs, office and lab workers to local and regional transit, parks and trails, residential, retail and cultural space including year-round arts and recreational programming.

“Input from industry and the business community is key to the realization of the Lakeview Innovation District,” Kakaflikas added.  “The City is committed to their success and will proactively listen to their ideas and work to meet their needs as we continue to plan our exciting new waterfront ecosystem.”

Once the survey has closed, staff will consider all feedback received and bring a report to the City’s Planning and Development Committee later this spring. The report will outline recommendations for the CIP, including financial tools and eligibility requirements.

To learn more about the Lakeview Innovation District and take the survey, visit https://yoursay.mississauga.ca/lakeview-innovation-district

Background

The Lakeview Innovation District is part of IDEA – the Mississauga Innovation District. IDEA is Mississauga’s collaborative lead for Entrepreneurship & Innovation. A distinctive community that supports and connects local and globally minded entrepreneurs and businesses, generating international recognition for the City.

As Canada’s seventh largest city, Mississauga is a diverse, progressive and award-winning municipality located on the shores of Lake Ontario in the heart of the Greater Toronto Area.

With culturally rich and diverse communities, Mississauga is the place to be for work/life balance.

With a rich pool of talent, Mississauga is a choice location for business. It is centrally located with easy access to global markets – a 90-minute drive from the U.S. border and within a day’s drive of North America’s richest markets with access to 141 million consumers. Canada’s largest international airport is located right in Mississauga, with access to over 70 per cent of the world’s economy.

Mississauga is home to 100,000 businesses including 75 Fortune 500 companies with Canadian or major divisional head offices and is attractive to foreign investment with nearly 1,400 multinational firms.  With a large and diverse knowledge-based economy and supportive business environment, Mississauga is a sound return on investment and continues to be the choice location for business.

Tags

• Economic Development
• Public Consultation and Engagement