The Ottawa International Airport is a significant economic driver for the city and is identified in Ottawa’s new Official Plan as a “special economic district.” The YOW CIP will help the Airport attract private-sector investment and development as part of its post-pandemic recovery plans and support city-wide economic growth, job creation and prosperity. The YOW CIP will make the Airport a more attractive option for businesses looking to capitalize on airport access and connectivity. Ottawa City Council approved the YOW CIP on July 6, 2022, and applications are now being accepted by the City of Ottawa.
Incentives would be available to private businesses who develop or redevelop properties located within the YOW CIP Project Area. with projects that result in a minimum increase of $250,000.00 in property assessment value. The incentive would be in the form of a Tax Increment Equivalent Grant and funded by the uplift in property assessment and resulting increase in municipal property taxes following project completion. With approximately 100 hectares of land available for development or redevelopment within the proposed YOW CIP area, the Airport could realize more than $10 million in rent, should all available sites be developed or improved over time. Those funds would be reinvested in airport operations to grow passenger volumes and increase direct air routes. The YOW CIP program would be in effect for 10 years with a five-year option to extend. For more information, please go to ottawa.ca.
