Economic Development Incentive Policy
The purpose of this economic development incentive is to provide the City with an additional tool to support and attract new development to the City of Miramichi.
Target Sector
- Aerospace and defence;
- Manufacturing;
- Value-added manufacturing;
- Distribution centres;
- Energy;
- Valued-added food processing;
- Information and communications technologies;
- Cannabis related companies;
- Hotel and conference development;
- Other facilities as determined by the City of Miramichi.
The incentive will be issued as follows:
- The value of the incentive will be based on the net value of financial investment in the infrastructure only (equipment investment shall not qualify);
- 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;
- The maximum allowable incentive will be calculated as 5% of the infrastructure investment amortized over 5 years;
- 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;
- The first installment of the economic development incentive shall be payable as of December 1st of the calendar year project completion. (as deemed by the GMRSC-Planning Services);
- Subsequent installments of the economic development incentive shall be issued on December 1st of each subsequent year of the agreement;
- All payments under the economic development incentive are subject to the terms and conditions of the contractual agreement noted above.
Qualifications
Companies will require the following:
- Proposal must be a new construction or value-added expansion to an existing facility that once complete will increase the value of the proposed property;
- All applicable government sector related approvals and permits;
- A formal business planning outlining company goals and objectives including marketing plans;
- Projected goals for employment creation and financial investment;
- An approved building permit issued by the GMRSC-Planning Services;
- The applicant/property owner must be actively involved in the industry as outlined in the business plan; (rental/investment properties are not eligible);
- Property ownership within the City of Miramichi
Application Requirements
The following steps must be adhered to qualify for the economic development incentive:
- Contact the Department of Economic Development and Tourism to be assigned a file number and to be appointed a development officer;
- Schedule meeting with development officer to review proposal and to determine eligibility;
- Provide the necessary documentations and complete the application forms as required.
Please contact the Department of Economic Development and Tourism to begin the process of applying for this incentive at:
Paul McGraw
Economic Development Officer
Economic Development and Tourism
141 Henry Street
E1V 2N5
City of Miramichi
(p) (506) 623-5383
(m) (506) 623-8264
