Brampton residents invited to provide input on a Municipal Development Corporation
The City of Brampton is considering the creation of a Municipal Development Corporation (MDC). Residents are invited to provide their feedback about the proposal at www.bramptonmdc.ca until November 25, 2020.
An MDC in the City of Brampton would act as a real estate corporation with a defined mandate for strategic projects that strategically acquires, assembles, develops and sells land and assets. The Brampton MDC would be a wholly owned corporation of the City of Brampton and all revenue generated by the MDC would be allocated back to the City in the form of dividends.
Rationale for the creation of an MDC includes:
• Opportunities to achieve a broader set of municipal objectives (such as being able to offer land to key employers to stimulate specific economic sectors);
• Separation of statutory approval responsibilities;
• Ability to execute agreements;
• Cost-effective and profitable; and
• Supports the ability to attract expertise.
The creation of a Brampton MDC aligns with Brampton Vision 2040 by governing and managing real estate and assets within the six project areas identified in the Vision: Uptown Brampton; Downtown Brampton; Bramalea; Queen Street Corridor; Five Town Centres; and the Industrial Corridor.
Before establishing a Municipal Development Corporation, specific legislative requirements must be followed, including consultation with the public. The City is committed to engaging the public in a full, transparent, and collaborative process.
