A new business that is scheduled to set up shop at the Airport Industrial Park is going to get a $72,000 grant from the city.

Norgalv Limited is planning to build a 32,000 square foot Galvanizing Plant and employ 45 people.

Councillor Dave Mendicino says it’s important to offer incentives to businesses to get them to come here and they’re doing that with the Airport Community Improvement Plan.

He details how the money will be used.

“It will go towards covering permit fees, development fees and tax relief in the first three years,” Mendicino says.

The company would be getting a 100 % grant back when it pays taxes in year one, 67% the next year and 33% in year three.

With the decision the Community Improvement Plan Reserve Fund is running low and so Council has replenished it with $200,000 from the General Capital Projects Reserve Fund.

Mendicino says there’s plenty of interest in this program from the business sector.

“We already have $75,000 in requests and we know there are $100,000 that are coming in,” he says.

Filed under: North Bay City Council