Brownfield Remediation Tax Assistance (BRTA) is a component of the IMIT Business Incentive Program. The BRTA program encourages investment in sites where contamination has rendered the property vacant, under-utilized, unsafe, unproductive or abandoned.
Remediation of sites and their subsequent development may result in an increase in the assessed of value of a property The BRTA allows the City of Toronto to cancel all or a portion of the tax increase directly attributed to the increase in assessed value related to the remediation and development to help brownfield property owners offset the remediation costs incurred.
In addition, the Province of Ontario, through their Brownfield Tax Incentive Program (BFTIP) may allow for the cancellation of all or a portion of the education property taxes for up to three years as a proportionate match to the City of Toronto BRTA incentive.
To qualify, the property must be remediated and then developed for non-retail employment uses. For a property developed for a combination of eligible and ineligible uses, the portion attributable to the ineligible uses will be determined based on the gross floor area of the ineligible use.
The following criteria must be met:
Assistance in each year is based upon all or a portion of the municipal property tax increase resulting from post-remediation development.
The BRTA will not exceed the municipal tax increment in any given year nor will it exceed the property owner’s eligible remediation costs.