ECONOMIC DEVELOPMENT ANNUAL REPORT 2015

Transcription

1 ECONOMIC DEVELOPMENT ANNUAL REPORT 2015

2 BUILDING A STRONG FOUNDATION New investment and initiatives drive economic growth and opportunity in Oakville. 2 TOWN OF OAKVILLE ECONOMIC DEVELOPMENT 2015 ANNUAL REPORT

3 MESSAGE FROM THE MAYOR Oakville s business community is integral to the town s economic prosperity. As a Council, we work in partnership with businesses and community groups to provide an environment conducive to their success. This partnership enhances the creative, innovative and sustainable environment we are already known to offer and provide. This year, as part of the town s Official Plan Review, staff and consultants are performing an employment and commercial land review. This ensures that an appropriate supply of designated employment and commercial land will continue to be available for existing and new businesses. In 2015, we celebrated over 460,000 square feet of new industrial and commercial development investment in Oakville. We expect this pace of development to continue as investments are made in new business parks and we look forward to new businesses moving in. Also in 2015, Ford Motor Company kicked off production of the new 2015 Ford Edge at the Oakville Assembly Plant. This vehicle will be distributed internationally to over 60 countries. Ford added 400 jobs at the Oakville plant to meet this production demand. In June, the Town of Oakville signed a sister city agreement with Huai an, China which will provide new economic opportunities and attract overseas investment. The town also hosted the RBC Canadian Open at the Glen Abbey Golf Club for the 27 th time. In addition to these successes, the town was recognized by the International Economic Development Council for its outstanding work on the inaugural Oakville Innovation Awards event and its 2014 Annual Economic Development Report. These are just a few highlights of work that Council and the Economic Development department undertook in Together, in partnership with our business community, we will continue on our path of success to become the most livable town in Canada. I encourage you to read more in the pages to follow and discover why Oakville continues to be an attractive place to live, to work and to do business. Mayor Rob Burton, BA, MS Head of Council and CEO TOWN OF OAKVILLE ECONOMIC DEVELOPMENT 2015 ANNUAL REPORT 3

4 Business Activity REAL ESTATE AND DEVELOPMENT ACTIVITY Non-residential development projects In 2015, the majority of major non-residential construction projects were either commercial or office buildings. The overall construction value of the top 10 projects was lower than in 2014 when permits were issued for several multi-storey office buildings. A number of projects commenced in 2015 including the groundbreaking for the new Oakwoods Business Park located at Ford Drive and Upper Middle Road and phase three of the Great Lakes Business Park. In addition to the new projects that commenced in 2015, a number of large projects were either completed or were nearing completion by the end of the year, including the Westbury International Centre in Winston Business Park, phase two of the Joshua Creek Corporate Centre, and the completion of the new four storey medical office building on Hospital Gate. The year also marked the completion and grand opening of the new Oakville Trafalgar Memorial Hospital, a 1.6 million square foot, state-of-the-art hospital providing services for the regional community. Major Non-Residential Development Permits Address Area (sq. ft.) Construction Value ($ millions) Description 385 Sixteen Mile Drive 73,920 $12.4 Elementary school 585 Michigan Drive 73,087 $9.5 One-storey office building 240 Leighland Avenue N/A $5.5 Interior alterations to Oakville Place Mall 2065 Cornwall Road 113,977 $5.4 Self-service storage building 603 Michigan Drive 36,554 $4.7 One-storey office building 1383 Joshuas Creek Drive 46,665 $4.0 Warehouse/office building 700 Third Line 50,666 $3.8 Alterations to existing building 515 Dundas Street West 30,832 $3.2 Two-storey commercial building 1383 North Service Road East 47,463 $3.1 One-storey office building 226 Wyecroft Road 71,698 $2.7 Alterations to existing office Real Estate Market Overview Market Inventory (sq. ft.) Vacancy Rate Note: Totals do not include permits for individual tenant fit-outs Avg. Sale Price (psf) Avg. Net Rental Rate (psf) TMI (psf) 2015 Facility Absorption (sq. ft.) Industrial 18.1 million 1.8% $ $6.25 $ ,454 Market Inventory (sq. ft.) Vacancy Rate Vacant Space (sq. ft.) Avg. Net Rental Rate (psf) 2015 Facility Absorption (sq. ft.) Office 3.1 million 21% 660,002 $18.28 (131,004) Source: CBRE Global Research and Consulting; 2015 Q1 Q4 Oakville Office and Industrial Market Reports 4 TOWN OF OAKVILLE ECONOMIC DEVELOPMENT 2015 ANNUAL REPORT

5 Employment Lands and Major Developments Winston Park East Winston Park West Joshua Creek Corporate Centre Great Lakes Business Park Oakwoods Business Park Oak West Corporate Centre and 603 Michigan Drive (Great Lakes Business Park Phase 3) Hospital Gate (North Oakville Medical Centre) Hospital Gate (Oakville Trafalgar Memorial Hospital) Leighland Avenue (Oakville Place mall) Chartwell Road (First Gulf development) , 1383, 1393 North Service Road East (Joshua Creek Corporate Centre Phase 2) Joshuas Creek Drive (Oakwoods Business Park) Cornwall Road (Self Storage Building) Bristol Circle (Westbury International Centre) Real estate market overview With limited new industrial product under construction in Oakville over the past few years, Oakville s industrial market has been consistently constrained for availability. The 1.8 per cent vacancy rate as of Q is lower than any quarterly reporting in Industrial sales activity remained strong and the average price per square foot increased to $135 in Q4 from $120 in Q Oakville s office market total inventory continued to expand in 2015 reaching 3.1 million square feet. Significant office construction over the past few years has added considerable product to the market and contributed to Oakville s current office vacancy rate. The Economic Development department will launch an office marketing campaign in 2016 to raise awareness of the availability of high-quality office space in Oakville. TOWN OF OAKVILLE ECONOMIC DEVELOPMENT 2015 ANNUAL REPORT 5

6 42 ACRES of prime employment land 6 TOWN OF OAKVILLE ECONOMIC DEVELOPMENT 2015 ANNUAL REPORT

7 Development Profile OAKWOODS BUSINESS PARK First tenant moves into Oakwoods Business Park In Oakville, private equity real estate fund manager, Carttera Private Equities Inc. found a rare opportunity to develop a large-scale business park with employment and service commercial uses in the heart of an established Greater Toronto Area community. Oakwoods Business Park, Oakville s newest business employment area, is a 42-acre former golf centre at the intersection of the QEW and Highway 403 that is being transformed into prime employment land with an ideal mix of office, retail, high-profile industrial and hotel uses. Office tenants will occupy from 10,000 up to 300,000 square feet, with the first tenant, Westcon-Comstor Canada, located in a state-of-the-art 47,000 square foot office and warehouse building as of November Direct highway accessibility and Oakville s high concentration of executives and well-educated workforce were just a few of the reasons Carttera chose Oakville for this development. Carttera considers Oakville an exceptional opportunity for commercial real estate development, states Dean Cutting, Partner, Carttera. With the combination of a wellestablished community, a recognized centre for business market leaders and a hub within the GTA and Golden Horseshoe, Oakville is a great fit for the Oakwoods Business Park. Targeting green design principles, and offering excellent transportation access, Oakwoods is destined to become a hub within Oakville s commercial and retail markets. Aerial view of the Westcon-Comstor Canada building in Oakwoods Business Park. TOWN OF OAKVILLE ECONOMIC DEVELOPMENT 2015 ANNUAL REPORT 7

8 Business Activity SIGNIFICANT PRIVATE SECTOR EMPLOYERS Oakville s private sector companies play a significant role in our community, providing high-quality jobs to our residents, contributing to the tax base, generating economic spinoff, and acting as corporate citizens. The companies listed on this page represent some of the top employers located in Oakville. Oakville companies continuously give back to the community through volunteer work and generous sponsorships and financial contributions to local organizations. In 2015, HATCH provided a $3 million donation of solar panels to the new Oakville Trafalgar Memorial Hospital. Revenue from the solar generation will go to the Oakville Hospital Foundation, which is estimated at $6 million over the next 20 years. Company Employees Type of Business Ford Motor Company of Canada 4,950 Canadian head office and assembly complex Siemens Canada Ltd. 886 Canadian head office UTC Aerospace Systems 850 Aerospace engineering and manufacturing Tim Hortons/Restaurant Brands International N/A Canadian head office HATCH 500 Engineering services GE Water & Process Technologies 450 Water technology products manufacturing AMEC 450 Engineering services PwC 425 Professional and financial services Innomar Strategies AmerisourceBergen 400 Pharmaceuticals/Health care supply chain HATCH provided a $3 MILLION donation of solar panels to Oakville Trafalger Memorial Hospital 08 8 TOWN OF OAKVILLE ECONOMIC DEVELOPMENT 2015 ANNUAL REPORT

9 Business Activity NEW AND EXPANDING BUSINESSES Oakville welcomed a number of new businesses to the community in 2015 as well as celebrated the expansion of several local companies. GPS fleet management company, Geotab, moved to a new location on the North Service Road in 2015 to accommodate their rapid growth. Geotab recently acquired local company Maps BI and also increased its international presence, including a new office in Las Vegas. VelocityEHS, formerly KMI Innovations, moved into a larger space in Oakville and has expanded its operations to 65 full-time employees with plans for additional growth in the near future. launched production of the all-new 2015 Ford Edge in February 2015, adding an additional 400 employees to the 1,000 announced in Towards the end of 2015, Laker Energy Products announced an investment of more than $10 million into its new Oakville manufacturing facility. The new Oakville Trafalgar Memorial Hospital opened on December 13, In addition to the 2,600 staff moving from the legacy hospital, approximately 20 physicians and 475 new clinical and non-clinical staff were hired. Monarch Plastics Ltd. purchased the former Automodular building on Speers Road, a 260,830 square foot industrial warehouse building. The Ford Motor Company of Canada Company Name Growth Address Company Description Geotab Expansion North Service Road West GPS fleet management/telematics Ford Motor Company of Canada Expansion The Canadian Road Automotive manufacturing Monarch Plastics Ltd. New to Oakville Speers Road Manufacturing of plastic containers and bottles Westcon-Comstor Canada Expansion Joshuas Creek Drive Communications, network infrastructure and security solutions distribution Virelec New to Oakville Plymouth Drive Protection, control and SCADA systems Laker Energy Products New to Oakville Fourth Line Material and component manufacturing for nuclear and energy industries iview Systems Expansion Winston Park Drive Security software solutions John Deere Financial New to Oakville Superior Court Financial services Softchoice Expansion North Service Road West IT consulting, implementation, and management VelocityEHS Expansion Argus Road Management software TOWN OF OAKVILLE ECONOMIC DEVELOPMENT 2015 ANNUAL REPORT 9

10 Development Profile FIRST GULF MIDTOWN OFFICE First Gulf introduces another office development to Oakville In September 2015, First Gulf Development Corporation broke ground on their latest Oakville office development 610 Chartwell Road. Located just east of the Oakville GO Station at the corner of Chartwell and South Service Road, this new development is the final phase of their Oakville-Trafalgar Transit Hub development, having completed office buildings on the North Service Road and Davis Road in recent years. The foundation and structural steel for this new 102,000 square foot four-storey office building are now visible from the Queen Elizabeth Way. Construction is expected to be completed in 2016 with tenants in place by January As with their previous office buildings in Oakville, First Gulf has demonstrated a commitment to sustainability, targeting LEED Gold status and connecting the new development with local and regional transit. We re proud to partner with the Town of Oakville to build sustainable, transit-oriented office developments which support our tenants and the surrounding community, said First Gulf CEO, David Gerofsky. First Gulf has a successful track record of attracting national corporate tenants, such as PwC and Siemens Canada, to their Oakville office developments, and 610 Chartwell is no exception. The lead tenant for this development has been announced as MMM Group, which recently joined WSP, one of the world s leading engineering professional services consulting firms. Occupying about 55,000 square feet on the top two floors of the building, WSP will welcome close to 300 employees at this site when they move in at the beginning of next year. Our new space is aligned with our vision to always be the first choice for clients, partners and employees. It s a space that supports all stakeholders, is sustainable (targeting LEED Gold) and incorporates open concept work spaces with minimal enclosed offices, moving from the closed office me approach to a more collaborative we environment. Our strategy is to provide the right balance of work spaces for our employees and showcase our commitment to sustainability. WSP Estimated construction value of $20 MILLION Groundbreaking for 610 Chartwell Road. 10 TOWN OF OAKVILLE ECONOMIC DEVELOPMENT 2015 ANNUAL REPORT

11 102,000 SQ. FT. of office space TOWN OF OAKVILLE ECONOMIC DEVELOPMENT 2015 ANNUAL REPORT 11

12 Business Activity BUILDING PERMIT ACTIVITY Building permits issued: New construction Total construction value for commercial building permits issued in 2015 reached over $86.3 million, which is close to the seven year average of $92.7 million. Major commercial permits were issued for two one-storey office buildings on Michigan Drive as well as the new warehouse/office building constructed in the Oakwoods Business Park for Westcon-Comstor Canada. Permits were also issued for several new shell buildings for future commercial use, particularly along the Dundas Street corridor. New industrial building permit activity totaled just under $6 million with the largest permit issued for the development of a three-storey self storage building on Cornwall Road which accounted for 90 per cent of the total permit value for This value is significantly lower than in 2014 when the Mid-Halton water treatment plant had a construction value of over $224 million. Industrial building permits for additions, alterations and improvements reached over $16 million which is above the average of $9.9 million. Square footage of new commercial development is lower than recent years with 2013 and 2014 being particularly strong years for new office and commercial development in Oakville and 2015 having a stronger focus on alterations and improvements. The square footage of industrial development held strong in 2015 with approximately 130,000 square feet of new development after seeing a few years of limited new industrial development. 434 PERMITS issued in 2015 Building Permits Issued: New Construction Type Value ($ millions) Area (sq. ft.) # of Permits Commercial $ , Industrial $ ,271 5 Institutional $ , Building Permits Issued: Additions, Alterations, and Improvements Type Value ($ millions) Area (sq. ft.) # of Permits Commercial $54.8 1,087, Industrial $ , Institutional $8.8 61, TOWN OF OAKVILLE ECONOMIC DEVELOPMENT 2015 ANNUAL REPORT

13 Commercial Building Permit Activity All Permits Issued $250 Construction Value ($ millions) $200 $150 $100 $50 $ Avg. Construction Value Year Industrial Building Permit Activity All Permits Issued $250 Construction Value ($ millions) $200 $150 $100 $50 $ Avg. Construction Value Year Annual Square Footage of New Development Square Footage 1,000, , , , ,000 0 Commercial Industrial Year

14 Fengate, on behalf of LPF Realty Inc., is very excited to have the opportunity to be part of west Oakville s growth. Phil Nanavati, Vice President, Leasing & Property Management. 14 TOWN OF OAKVILLE ECONOMIC DEVELOPMENT 2015 ANNUAL REPORT

15 Development Profile WEST OAK CORPORATE CENTRE Fengate to develop new business park in west Oakville When Fengate purchased the lands at 10 Great Lakes Boulevard in June 2015 they saw it as an opportunity to be part of west Oakville s exciting future growth. The west end of Oakville has seen a steady rise in the amount of flex space coming on market over the past few years with the development of the Great Lakes Business Park by Paul s Properties. The Great Lakes Business Park has attracted major tenants including Canadian Tire Financial Services, Caterpillar Financial Services, Innomar Strategies AmerisourceBergen, DeLage Landen Financial Solutions, and most recently John Deere Financial and Dufferin Construction. Fengate s new land the West Oak Corporate Centre lies adjacent to the Great Lakes Business Park and will continue with the flex office trend. Phase one of the park is slated to consist of two flex office buildings totaling over 71,000 square feet and one industrial building totaling over 100,000 square feet. Phase two, while yet to be determined, can accommodate approximately 400,000 square feet with a combination of flex office and service retail. Fengate is focusing on the development of flex space which can provide flexibility and the ability to create unique, customized spaces as well as provide a greater density of occupancy features that prospective clients have come to expect. In addition, the amenities nearby, such as the 530,000 square feet RioCan Centre and the Appleby GO Station, provide a well-balanced location for prospective clients. The addition of Fengate s West Oak Corporate Centre offers development sites in an accessible and professional setting for those companies seeking a west end location in Oakville. Concept rendering for West Oak Corporate Centre.

16 Events 2015 RBC CANADIAN OPEN RETURNS TO OAKVILLE In 2015, Glen Abbey Golf Club in Oakville once again played host to the RBC Canadian Open. This high-profile event took place from July on the world-famous Jack Nicklaus designed course. The RBC Canadian Open has a strong tradition in Oakville, dating back to 1977 when the Glen Abbey Golf Club first hosted the tournament. As the most frequently used site for the RBC Canadian Open, Glen Abbey is unofficially considered to be the Home of the Canadian Open by many. The RBC Canadian Open has a significant impact on tourism and the economy in Oakville. The 2015 tournament saw close to 100,000 spectators resulting in an increased number of overnight visitors and increased spending in the community. Golf Canada estimates the tournament to have had an economic impact of $24.7 million in the province including $18.1 million in the Oakville area. From July 18 24, 2016, the RBC Canadian Open will return to Oakville for a record 28 th time. Hosting the tournament in back-to-back years in Oakville will allow Golf Canada to build on the momentum of the 2015 tournament. With new activities and experiences planned, the 2016 RBC Canadian Open is shaping up to be the most successful yet. After several days of excellent golf and sunny weather, Australian Jason Day was named as Champion. Photo Credit: Bernard Brault/Golf Canada. 16 TOWN OF OAKVILLE ECONOMIC DEVELOPMENT 2015 ANNUAL REPORT

17 International Partnerships MAYOR BURTON SIGNS SISTER CITY AGREEMENT In an effort to promote international understanding, economic cooperation and friendship, the mayors of the Town of Oakville and the City of Huai an, China signed a declaration officially establishing a sister city relationship. This relationship provides great insight into new and shared economic industries, Mayor Rob Burton said. By becoming sister cities we will be able to develop, share and explore these economic opportunities in both of our cities and attract investment from Huai an and other areas of China. Huai an is located in Jiangsu Province which in 2015 celebrated a 30 year trade relationship with the Province of Ontario. The sister city agreement formalizes the relationship established in 2012 between Huai an and Oakville. Since then, Oakville has hosted an Oakville-China Business Opportunities Forum and an Oakville-Chinese Business Association has been formed. Moving forward, Oakville and Huai an will continue to connect and visit one another to further explore economic development opportunities. Oakville-Huai an Sister City Signing Ceremony with Mayor Burton and Mayor Qu, June TOWN OF OAKVILLE ECONOMIC DEVELOPMENT 2015 ANNUAL REPORT 17

18 Competitive Position LAND VALUES, DCs AND TAXES North Oakville Medical Centre under construction. Attracting new investment and growing the existing business community are key components needed to achieve the Town of Oakville s vision to become the most livable town in Canada. Our local companies provide job opportunities, generate tax revenue, and act as positive corporate citizens, all of which contribute to Oakville s high quality of life. One of the Economic Development department s strategic initiatives is to track Oakville s competitive position for attracting new business investment. The competitive position analysis focuses on three major variables that impact investment decisions land values, development charges and property tax rates. The 2015 data continues to indicate that Oakville is well positioned to compete for and attract new office and commercial development while remaining less competitive in its ability to attract new industrial development, relative to other GTA communities. Land Values Oakville continues to be competitively priced in relation to other GTA communities. At an average of $679,000 per acre for employment lands, Oakville is slightly more expensive than the GTA average of $616,800, and had the highest land values in Halton Region. Oakville s average price per acre is still lower than many communities in the GTA such as Markham, Newmarket and Vaughan in York Region and Mississauga and Brampton in Peel Region Employment Land Values Municipality Average Price Per Acre HALTON Oakville $679,000 Burlington $410,000 Halton Hills $249,000 Milton N/A PEEL Brampton $707,000 Caledon $337,000 Mississauga $1,080,000 TORONTO Toronto $862,000 YORK Aurora $644,000 Markham $854,000 Newmarket $1,071,000 Richmond Hill N/A Vaughan $833,000 Whitchurch-Stouffville $489,000 DURHAM Ajax $120,000 Oshawa N/A Pickering $587,000 Whitby $330,000 Source: Avison Young 18 TOWN OF OAKVILLE ECONOMIC DEVELOPMENT 2015 ANNUAL REPORT

19 Development Charges Oakville s development charges remained competitive with other GTA municipalities in Including regional and school board development charges, Oakville s industrial and commercial development charge rates increased by $0.59 per square foot. Oakville s commercial development charge falls in the mid-range of all GTA rates at $ While highest across the Halton Region municipalities, it is lower when compared to all Peel and York Region municipalities. Oakville s industrial development charge rate of $21.38 is above the GTA average of $18.25, but still lower than the rates for the York Region municipalities Development Charges (per Square Foot) Municipality Industrial Office/Non-retail HALTON Oakville (Built Boundary) $21.38 $21.38 Burlington (Built Boundary) $18.09 $18.09 Halton Hills (Built Boundary) $12.93 $15.34 Milton (Built Boundary) $14.54 $14.54 PEEL Brampton $17.99 $23.80 Caledon $16.72 $22.76 Mississauga $21.00 $28.80 TORONTO Toronto $15.64 $15.64 YORK Aurora $24.02 $24.02 Markham $21.78 $21.78 Newmarket $25.74 $25.74 Richmond Hill $25.47 $25.47 Vaughan $24.31 $24.31 Whitchurch-Stouffville $24.42 $24.42 DURHAM Ajax $13.41 $18.04 Oshawa $6.98 $18.59 Pickering $12.50 $17.13 Whitby $11.56 $16.19 Source: Various municipal websites Note: Additional or area specific charges may apply in some communities. TOWN OF OAKVILLE ECONOMIC DEVELOPMENT 2015 ANNUAL REPORT 19

20 Competitive Position TAX RATES 2015 Tax Rates Municipality Industrial Office/Non-retail Rank % Rank % HALTON Oakville % % Burlington % % In 2015, Oakville s industrial and commercial/ office tax rates decreased for the seventh consecutive year. As observed in 2013 and 2014, each of the GTA communities listed reduced their tax rates in The office/non-retail rate in Oakville was lower than the GTA average of per cent, and ranked sixth lowest across the GTA, the same as in Halton and York region communities held lower than average office/non-retail tax rates, while Toronto and Durham Region held higher than average rates. Oakville s industrial tax rate is slightly higher than the GTA average of per cent and ranked twelfth across the GTA. The communities in York and Peel regions continue to hold industrial tax rates lower than the GTA average, while the communities in Halton and Durham regions tended to observe slightly higher than average rates. Halton Hills % % Milton % % PEEL Brampton % % Caledon % % Mississauga % % TORONTO Toronto % % YORK Aurora % % Markham % % Newmarket % % Richmond Hill % % Vaughan % % Whitchurch-Stouffville % % DURHAM Ajax % % Oshawa % % Pickering % % Whitby % % Source: Various municipal websites 20 TOWN OF OAKVILLE ECONOMIC DEVELOPMENT 2015 ANNUAL REPORT

21 DEVELOPMENT SCENARIO Commercial Scenario 152,000 sq. ft. Class A office building Assessed value: $32,000,000 (assumes 10 acre land requirement) Oakville Burlington Mississauga $0 5,000,000 10,000,000 15,000,000 Taxes Development Charges Land Industrial Scenario 80,000 sq. ft. manufacturing facility Assessed value: $8,700,000 (assumes 6 acre land requirement) Oakville Burlington Mississauga $0 2,000,000 4,000,000 6,000,000 8,000,000 Taxes Development Charges Land Land values, development charges and taxes are used to estimate the frontend costs for an office or industrial development in Oakville, Burlington and Mississauga in these examples. In both cases, Oakville remains in the middle of the cost spectrum. The major differentiator in both cases is land value.

22 Town Initiatives SETTING THE FOUNDATION FOR ECONOMIC GROWTH Various town departments are helping to set the foundation for future economic growth in Oakville. Several exciting projects are currently underway or set to start in 2016 including: FindOakville In the summer of 2015, the town launched a new site selection tool known as FindOakville. This interactive mapping tool helps potential business owners find current ICI real estate opportunities, information on properties such as zoning and property boundaries, as well as active developments and building permits. Up-to-date property listings are provided through a partnership with the Oakville Milton District Real Estate Board. Further enhancements to FindOakville are scheduled for 2016 including additional data such as demographics and traffic counts. Brownfield Redevelopment Strategy and Brownfield Community Improvement Plan In 2016, town staff will work with a consultant to develop a Brownfield Redevelopment Strategy and Brownfield Community Improvement Plan (CIP) for privately owned lands in Oakville. This includes an analysis of potential incentives for the redevelopment of Brownfields. The Strategy and CIP will take several months to complete and will involve stakeholder and public consultation. Kerr Village Business Improvement Area. Commercial and Employment Land Review The Commercial and Employment Land Review will continue in This study reviews the amount, size and location of lands designated to accommodate the long-term employment and commercial needs of the community. Work has been completed to assess the town s current supply of designated employment and commercial lands, and the forecasted demand to the year The review will also include an assessment of the existing employment and commercial land use designations followed by recommendations for changes to the existing land use designations and policies to meet the town s long-term needs and implement the Provincial Growth Plan. 22 TOWN OF OAKVILLE ECONOMIC DEVELOPMENT 2015 ANNUAL REPORT

23 Retail Action Plans for Oakville s Business Improvement Areas Over the past few years, retail action plans have been developed for the Kerr Village, Downtown Oakville and Bronte Business Improvement Areas (BIAs). These strategies and action plans contain recommendations for economic actions to be implemented by the BIAs in order to improve business conditions and attract more people to these areas. Community consultation was an important piece in developing these plans, and the town will continue to work with the BIAs throughout the implementation. Downtown Plan The vision behind the Downtown Plan is to create an attractive, active, animated and vibrant downtown where people come together to live, meet, work, stay, interact and engage. Downtown Oakville will be the cultural, social and economic heart of our community where residents and visitors can celebrate and experience the natural setting, heritage, culture and the arts. The Downtown Plan comprises two studies the Downtown Cultural Hub and the Downtown Transportation and Streetscape. These projects are well underway, including significant community consultation, and town staff will continue this work in TOWN OF OAKVILLE ECONOMIC DEVELOPMENT 2015 ANNUAL REPORT 23

24 Town of Oakville Economic Development 1225 Trafalgar Road, Oakville, Ontario, Canada L6H 0H3 T: F: