Ontario Welcomes Over $5.5 Million Investment In Vars
Vars — The Ontario government is supporting an investment of $5,584,095 by the Corporation of the Township of Russell to undertake a 100-acre expansion of their industrial park, increasing employment for the local community.
This funding was announced today by Stéphane Sarrazin, Member of Provincial Parliament for Glengarry-Prescott-Russell.
“Our government is building a strong Ontario and creating the conditions for a strong economy by supporting key investments in our community,” said MPP Sarrazin “The Corporation of the Township of Russell’s investment will boost the local manufacturing sector and create more, good-paying jobs for workers and families in Glengarry-Prescott-Russell.”
With this investment, the Corporation of the Township of Russell is undertaking a 100-acre expansion of their industrial park, a project that will accommodate 12 prospective businesses, increase employment for the community and increase revenue for the municipality.
“Employing more than 800,000 workers across the province, Ontario’s manufacturing sector is the economic engine of our nation,” said Vic Fedeli, Minister of Economic Development, Job Creation and Trade. “Our government is proud to support the Corporation of the Township of Russel as they expand their operations, and we thank them for their contributions to Ontario’s dynamic and growing ecosystem.”
In support of this investment, Ontario is providing the Corporation of the Township of Russell with $1,500,000 in funding through the Regional Development Program’s Eastern Ontario Development Fund.
“This grant is excellent news for our community. It supports the continued growth of our 417 Industrial Park by fostering the creation of local jobs, stimulating our economy, and diversifying our tax base,” said Mayor Mike Tarnowski. “We are grateful to the Ford government and our MPP Stéphane Sarrazin for their commitment to supporting the prosperity and development of our Township.”
Ontario is investing $180 million through its Regional Development Program to help manufacturers across the province grow while supporting distinct regional priorities. To date, Ontario has supported more than 135 projects through the program, leveraging more than $1.9 billion in new investments and helping to create over 3,500 jobs.
QUICK FACTS
- The government launched the Regional Development Program (RDP) for eastern and southwestern regions of Ontario in November 2019. Through this program, businesses and municipalities can get financial support and guided access to a range of complementary services and supports.
- In 2022, the Advanced Manufacturing and Innovation Competitiveness (AMIC) stream of the RDP was launched to support advanced manufacturers across the province. Ontario is now providing additional funds to enhance the AMIC stream that will help more firms with the financial support and tools needed to improve competitiveness, while strengthening essential supply chains.
- The government is delivering tax support to Ontario manufacturers by continuing to offer the Ontario Made Manufacturing Investment Tax Credit to eligible businesses. These manufacturers could receive up to $2 million per year in tax support to help lower their costs, encourage innovation, and enhance competitiveness.
- The 2024 Ontario Economic Outlook and Fiscal Review: Building Ontario for You continues to take a fiscally responsible and targeted approach to maintaining Ontario’s competitive status and unlocking new opportunities across key sectors.
ADDITIONAL RESOURCES
Media Contact
Office of MPP Stéphane Sarrazin
Noémie Prevost
Communications and Public Relations
noemie.prevost@pc.ola.org