Economic Development Incentive

By mmuise
Description:

The purpose of the Economic Development Incentive is to provide the City with an additional tool to support and attract new development to the City of Miramichi. Amount of the available incentive shall be calculated using the declared cost of infrastructure construction as stated on the approved building permit issued prior to construction.


Comments on Funding:

The maximum allowable incentive will be calculated as 5% of the infrastructure investment amortized over 5 years.
The first installment of the economic development incentive shall be payable as of December 1st of the calendar year project completion and subsequent installments shall be issued on December 1st of each subsequent year of the agreement.

Deadline: Continuous Intake
Eligibility:

Applicants must:

  • be companies working in one of the target sectors: aerospace and defence, manufacturing and value-added manufacturing, distribution centres, energy, valued-added food processing, information and communications technologies, Cannabis related companies, hotel and conference development, and other facilities as determined by the City of Miramichi.
  • build a new construction or value-added expansion to an existing facility that once complete will increase the value of the proposed property,
  • have all applicable government sector related approvals and permits,
  • have formal businesses planning outlining company goals and objectives including marketing plans and projected goals for employment creation and financial investment,
  • have an approved building permit issued by the GMRSC-Planning Services,
  • be actively involved in the industry as outlined in the business plan (rental/investment properties are not eligible),
  • have property ownership within the City of Miramichi.
Application Steps:

Applicants must:

1. contact the Department of Economic Development and Tourism to be assigned a file number and to be appointed a development officer,

2. schedule a meeting with development officer to review proposal and to determine eligibility,

3. provide the necessary documentations and complete the application forms as required,

Documentation Needed:

Applicants must submit:
1. the application form,
2. all applicable government sector related approvals and permits,
3. a formal business planning outlining company goals and objectives including marketing plans,
4. the projected goals for employment creation and financial investment,
5. the approved building permit issued by the GMRSC-Planning Services.

Upon acceptance into the incentive program the company shall be required to enter a contractual agreement with the City of Miramichi outlining the project and the terms and conditions of the incentive acceptance.

Other Things to Note:

No other details available.

About the author
mmuise