Elgin County Approves Tax Increment Equivalent Grant to Stimulate Economic Growth in the Township of Malahide

Central Elgin, ON – Elgin County Council has approved the Tax Increment Equivalent Grant (TIEG) application submitted by Peter Letkeman Guenther Inc. This approval marks a significant step in stimulating local investment through the Elgincentives Community Improvement Plan (CIP).

The TIEG is designed to encourage substantial development by deferring a portion of the increase in property taxes resulting from major improvements to land or buildings. This initiative supports the construction of a 38,000-square-foot facility on Hacienda Road in the Township of Malahide. The new development will transform vacant land into a dynamic business hub, providing space for six industrial and commercial business units and creating over 100 new jobs in the region.

The grant will defer the increase in property taxes for five years, with an estimated deferral of $109,637.43 for the County and a similar impact on the Township of Malahide. The approval of this grant underscores Elgin County’s commitment to fostering economic growth and promoting a business-friendly environment.

Elgin County Warden Ed Ketchabaw commented on the approval, stating, “This grant represents a significant investment in our community’s future. By supporting projects like this, we are not only creating jobs but also enhancing our local economy and making Elgin County an attractive place for businesses to thrive.”

Peter Letkeman Guenther Inc. is the third recipient of a TIEG through the Elgincentives CIP, which has been instrumental in driving development and economic progress in the region. The project is estimated to cost $1,800,000, covering site preparation, heating/cooling, plumbing, and electrical installations. With the construction of the new business units, the project aims to attract investments from industrial and commercial sectors and provide opportunities for local entrepreneurs.