Ontario launches program for industrial sites to become investment-ready
The Ontario government launched a pilot program to help municipalities and landowners prepare industrial sites for investments that will drive regional growth and job creation.
The Site Readiness Program is a funding initiative to help industrial sites become more equipped to attract investment. Sites of five acres or more and with varying capacity for utility servicing are eligible to apply. The one-year program will allow both urban and rural municipalities to help close a critical gap in the inventory of industrial lands used to attract global investment opportunities.
The pilot will allow landowners to complete the program in one year or less and identify which site preparatory work to complete.
“One of the missing pieces in the province’s land inventory is the diversity of industrial sites to meet the needs of a variety of industries,” said Vic Fedeli, Minister of Economic Development, Job Creation and Trade. “The launch of the Site Readiness Program will offer municipalities and industrial landowners across the province more flexibility to help bring their sites to market more quickly, compete globally and provide more options for site selectors and investors.”
The Site Readiness Program will build on Ontario’s two existing industrial land development programs. The Job Site Challenge identifies potential mega sites, and the Investment Ready: Certified Site Program provides provincial certification and marketing support for sites once certain due diligence has been completed.