By Pepper Parr
June 13th, 2023
BURLINGTON, ON
At a Standing Committee last week there was a considerable amount of discussion about why Tech Place was getting to use some prime space at the Former Bateman High School site that is being turned into a community Centre – at a cost that stunned most people.
Anita Cassidy, the Executive Director of the Burlington Economic Development Corporation
Anita Cassidy, the Executive Director of the Burlington Economic Development Corporation provided us with the following:
As part of the implementation of Vision 2040 Burlington Economic Development was tasked to “Create and invest in a system that supports the start-up and growth of businesses and entrepreneurship.” An Innovation and Entrepreneurship Strategy was approved that recommended the development of an Innovation Centre to help strengthen and grow the regional entrepreneurial ecosystem.
In 2017 Tech Place was launched using a reallocation of $220,000 annually of the existing economic development budget plus staff costs.
Tech Place during its 6 year lease term at its current location negotiated $12.83 per square foot for a total of 8,600 square feet resulting in an annual rent cost of $127,628 per year in rent.
The lease agreement has been extended until May 2025 at an increased rate of $17.50 per square foot resulting in an annual rental cost of $181,422 in the final year of the lease extension period at 5500 North Service road.
All costs are covered from the existing economic development budget and no additional asks to fund Tech Place have been made to the City of Burlington.
We are just short of being stunned that members of Council didn’t have these acts at their fingertips.
Related news story.
