From press release
Major support for the $400-million Canadian Motor Speedway project in Fort Erie, Ontario became official this week when Niagara Regional Council ratified a recommendation from the Region’s Planning and Development Services Committee to include CMS lands as a strategic location for investment in its Niagara Gateway Economic Zone and Center Community Improvement Plan. It means CMS is now eligible for tax incentives and development charge reductions. Estimates of The Region's program represented by incentive options range from $1.4 to $1.8 million annually in tax increment grants over 10 years, plus $1.5 million in development charge reductions in the first phase of the CMS project. The Canadian Motor Speedway project represents the largest Foreign Direct Investment (FDI) in Ontario Tourism with $400 million in direct, private sector investment, providing an estimated $430 million in economic impact from development and construction. It will create an estimated 1,100 direct and indirect jobs. Canadian Motor Speedway is a world-class motorsport and entertainment development in Fort Erie, Ontario. CMS will include industrial, recreational and commercial retail space, as well as a motorsport innovation park in collaboration with McMaster University’s renowned Faculty of Engineering and Niagara College, expanding the build-out to $400 million. The core of the project is a stand-alone “Jeff Gordon Designed Signature Speedway” that includes a ¾ mile banked oval and a 2-mile FIA/FIM grade road course. Initial grand stand seating: 60,000, plus 5,000 enclosed club seats and 40 corporate suites. Recent Articles
|
Racing Multimedia
Recommendations |