DATE: May 6, 2013 REPORT NO. CD Gregory Dworak, General Manager, Community Services
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1 DATE: REPORT NO. CD TO: FROM: Chair and Members Committee of the Whole Community Services Gregory Dworak, General Manager, Community Services 1.0 TYPE OF REPORT CONSENT ITEM [ ] ITEM FOR CONSIDERATION [ X ] 2.0 TOPIC City of Brantford Municipally Owned Industrial Land Price Policy 3.0 RECOMMENDATION A. THAT Staff Report CD dealing with the City of Brantford Municipally Owned Industrial Land Price Policy BE RECEIVED; and B. THAT the current municipally owned industrial land price structure: General Industrial (M2): $75,000/acre, Business Park (M3): $125,000/acre BE APPROVED, and C. THAT City staff, in conjunction with the Economic Development Advisory Committee, BE DIRECTED to review the City s Industrial land price policy with surrounding municipalities on an annual basis to ensure the City s competitive position is maintained and report back to City Council on its findings. 4.0 PURPOSE To review and recommend to Council a land sale price structure for municipally owned industrial properties. 5.0 BACKGROUND The Economic Development Advisory Committee met on March 28, 2013 to review the staff report regarding the current price structure of municipally owned industrial lands. The purpose of the meeting was to consider the City s price structure given current market conditions and competing municipalities price structures. The current prices for municipally owned industrial land are General Industrial (M2): $75,000/acre, Business Park (M3): $125,000/acre. 6.0 STRATEGIC PLAN CONTEXT Industrial Land Sale Prices are directly related to the Strategic Plan s Goal #1, Economic Vitality and Innovation, Strategic Action 1.2- Create an investor friendly environment. This relates to the Goal s long term desired outcome for Brantford to have a strong and diversified economic base that provides its citizens with excellent local job
2 Report No. CD Page 2 opportunities. In addition, the City s Economic Development Strategy recommends continued investment in industrial land development and that the City should make best use of the limited supply of industrial land it has remaining. 7.0 INPUT FROM OTHER SOURCES Economic Development and Tourism Department staff has compiled information comparing industrial land prices and inventories, development charges, and industrial tax rates with other municipalities from a variety of sources. At its meeting held on March 28, 2013, the Economic Development Advisory Committee reviewed the information compiled by staff and approved the recommendation outlined above. Furthermore, the Committee would also encourage City Council to have flexible pricing on municipally owned industrial lands if a potential manufacturing investment is plausible. 8.0 ANALYSIS 8.1 Industrial Land Sale Price Current serviced General Industrial (M2) Land Prices (Per Acre) were surveyed for surrounding Southwestern Ontario municipalities who remain active in developing and selling industrial lands. For purposes of comparison, prices include development charges where applicable and for Brantford, the price reflects the current price structure of $75,000 per acre and $58,262 per acre for development charges (Refer to Table 1 and Figure 1). Table 1: Current Municipally Owned General Industrial Land Prices Total Land Land Price DC's DC's Municipality Cost (Per Acre) (Per Sq.Ft.) (Per Acre)** (Per Acre) St.Thomas $35,000 $0 $0 $35,000 Chatham-Kent $50,000 $0 $0 $50,000 Windsor $70,000 $0 $0 $70,000 Woodstock $70,000 $0 $0 $70,000 London $75,000 $0 $0 $75,000 Stratford $75,000 $0 $0 $75,000 Strathroy-Caradoc* $35,000 $4.81 $52,381 $87,381 Sarnia-Lambton* $50,000 $4.25 $46,283 $96,283 Ingersoll $100,000 $0 $0 $100,000 County of Brant $75,000 $5.33 $58,044 $133,044 Brantford $75,000 $5.35 $58,262 $133,262 Hamilton $205,000 $8.78 $95,614 $300,614 Cambridge $210,000 $10.73 $116,850 $326,850 Kitchener $250,000 $12.06 $131,333 $381,333 Guelph $300,000 $9.97 $108,573 $408,573 Waterloo $350,000 $14.60 $158,994 $508,994 Median $75,000 $4.53 $49,332 $98,141
3 Report No. CD Page 3 *2012 Data **DC's (Per Acre) based on 25% lot coverage (10,890 sq.ft.) Figure 1: Total Municipally Owned General Industrial Land Cost Per Acre (Including Development Charges) Waterloo Guelph Kitchener Cambridge Hamilton Brantford County of Brant Ingersoll Sarnia-Lambton Strathroy-Caradoc Stratford London Woodstock Windsor Chatham-Kent St.Thomas $133,262 $133,044 $100,000 $96,283 $87,381 $75,000 $75,000 $70,000 $70,000 $50,000 $35,000 $508,994 $408,573 $381,333 $326,850 $300,614 Land Price (Per Acre) Development Charges (Per Acre) $0 $100,000 $200,000 $300,000 $400,000 $500,000 $600,000 As seen in both Table 1 and Figure 1, Brantford ranks sixth out of sixteen municipalities surveyed in terms of Total General Industrial Land Cost Per Acre (including Development Charges) at $133,262 per acre. This amount is $35,121 above the median total land cost of $98,141 (per acre) for the group surveyed. In order to determine if a pricing change is warranted for municipally owned industrial land, it is important to highlight the industrial land inventories of the surrounding municipalities to illustrate where future competition is evident. (Refer to Table 2 and Figure 2). With regards to the ranked inventories denoted in Table 2 and Figure 2, Windsor has the highest inventory of industrial lands overall with 1071 acres. More importantly, from a serviced land perspective, the City of London possesses the largest amount in this category with 378 acres. The remaining municipalities cover a broad range of serviced and non-serviced inventories, ranging from 290 acres in Woodstock to 2 acres in Kitchener. Further, it is important to note that Brantford has 45 acres of serviced land remaining in the Braneida Phase 9 Industrial Park (27 acres) and Northwest Business Park (18 acres). For comparison purposes, Brantford s inventory is approximately 120 acres below the median acreage total of 164 acres for the group surveyed.
4 Report No. CD Page 4 Table 2: Current Municipally Owned Serviced & Non-Serviced Industrial Land Inventories Municipality Serviced Land(acres) Non-Serviced Land (acres) Total Windsor London Woodstock County of Brant Sarnia-Lambton* Cambridge Chatham-Kent Guelph Waterloo Strathroy-Caradoc* Stratford St.Thomas Brantford Ingersoll Hamilton Kitchener Median *2012 Data Figure 2: Municipal Industrial Land Inventories (Serviced and Non-Serviced Lands)
5 Report No. CD Page 5 Given the above information, it is important to review the changes that have occurred in both land prices and inventories since the last land price survey was conducted in March 2012 (Report No. CD ). Generally speaking, total industrial land prices have increased by $3,760 per acre on average (Table 3a). Aside from development charge increases in several municipalities, the County of Brant decreased their development charges considerably over the past year. Overall, land prices have remained very stable across the group surveyed with the only increase occurring in Waterloo and the only decrease in Chatham-Kent. Table 3a: Municipally Owned Industrial Land Price Comparisons (March ) Municipality Land Cost Development Charges Development Total Land Cost (Per acre) (Per sq.ft.) Charges (Per acre) (Per acre)** 12-Mar 13-Mar 12-Mar 13-Mar 12-Mar 13-Mar 12-Mar 13-Mar Price Change Waterloo $300,000 $350,000 $14.14 $14.60 $153,985 $158,994 $453,985 $508,994 $55,009 Guelph $300,000 $300,000 $7.91 $9.97 $86,140 $108,573 $386,140 $408,573 $22,433 Kitchener $250,000 $250,000 $11.75 $12.06 $127,958 $131,333 $377,958 $381,333 $3,375 Cambridge $210,000 $210,000 $10.50 $10.73 $114,345 $116,850 $324,345 $326,850 $2,505 Hamilton $205,000 $205,000 $6.65 $8.78 $72,419 $95,614 $277,419 $300,614 $23,195 County of Brant $75,000 $75,000 $7.85 $5.33 $85,487 $58,044 $160,487 $133,044 ($27,443) Brantford $75,000 $75,000 $5.25 $5.35 $57,173 $58,262 $132,173 $133,262 $1,089 Ingersoll $100,000 $100,000 $0 $0 $0 $0 $100,000 $100,000 $0 Sarnia- Lambton* $50,000 $50,000 $4.25 $4.25 $46,283 $46,283 $96,283 $96,283 $0 London $75,000 $75,000 $0 $0 $0 $0 $75,000 $75,000 $0 Woodstock $70,000 $70,000 $0 $0 $0 $0 $70,000 $70,000 $0 Stratford $75,000 $75,000 $0 $0 $0 $0 $75,000 $75,000 $0 Chatham-Kent $70,000 $50,000 $0 $0 $0 $0 $70,000 $50,000 ($20,000) Strathroy- Caradoc* $35,000 $35,000 $4.81 $4.81 $52,381 $52,381 $87,381 $87,381 $0 Windsor $70,000 $70,000 $0 $0 $0 $0 $70,000 $70,000 $0 St.Thomas $35,000 $35,000 $0 $0 $0 $0 $35,000 $35,000 $0 Median $75,000 $75, $49,332 $49,332 $98,142 $98,142 *2012 Data **DC's (Per Acre) based on 25% lot coverage (10,890 sq.ft.) $3,760 (Avg.) From a land inventory perspective, there were a variety of changes that occurred over the course of the past year (Table 3b). On average, industrial land inventories decreased by 16 acres. Most notably, the County of Brant and Woodstock experienced the largest changes in their inventories. The County of Brant changes were attributed to land sale transactions, while Woodstock s decrease in unserviced land was a result of land use changes (industrial to parkland) and servicing initiatives. Similarly, London increased their serviced land portfolio by acquiring a privately held 38 acre parcel of land abutting their Innovation Park-Phase 2 development. Brantford s inventory change was the result of a acre land sale on Kippax Court. Currently, the City has a total
6 Report No. CD Page 6 of 45 acres of serviced industrial land remaining in its two industrial parks (Figures 3a & 3b). Table 3b: Municipal Land Inventory Comparisons (March ) Municipality Serviced Land Non-Serviced Land Total Land Total Land Inventory Change (acres) March-12 March-13 March-12 March-13 March-12 March-13 Windsor London Woodstock Sarnia-Lambton* Cambridge Guelph County of Brant Chatham-Kent Waterloo Strathroy-Caradoc* Stratford St.Thomas Brantford Ingersoll Hamilton Kitchener Median (Avg.) *2012 Data Given that land inventories have also remained relatively stable since the previous land price survey and the City has limited land remaining, all of the municipalities surveyed should be considered competitors for future investment opportunities. As illustrated in the figures presented in Table 1, the City s general industrial land price of $75,000 per acre is the median land sale price for all the municipalities outlined. However, when development charges are factored into the total land sale price, Brantford s price increases by an additional $58,262 per acre and is approximately $35,120 above the median price for the group at $133,262 per acre. Staff and the Economic Development Advisory Committee recognize that when examining the City s land price structure, consideration must also be given to a number of cost factors in which an industrialist/purchaser considers when selecting a location. The cost of taxes over time is a considerable element in the cost equation when industrialists consider alternative locations. This is not always the case with the private sector whose main goal is to generate profit from the land sale in question as they do not benefit directly from receiving ongoing tax revenues as the municipality would. The total cost of land development (land price, development charges and construction) plus the cost of municipal taxes over time must be competitive with other locations. To remain competitive the City must set its land price in context with its industrial tax rates to create a fiscally attractive cost package to industrial users.
7 Report No. CD Page 7 Figure 3a: Braneida Phase 9 Serviced Vacant Industrial Land Parcels Figure 3b: Northwest Business Park Serviced Vacant Industrial Land Parcels
8 Report No. CD Page 8 Overall, Brantford is considered to have a high relative tax burden for industrial property classes, an attribute illustrated in the past through the BMA Municipal Study (See Report CD ).To address this burden, the City adopted a financial tax strategy to reduce the commercial, industrial and multi-residential tax ratio to 1.5 over a 12-year period beginning in From an industrial perspective, this phased in reduction will result in significant tax cost savings for industrial users in the years ahead and will only strengthen the City s position in attracting and retaining industrial businesses. Staff and the committee, in their analysis, has attempted to clarify its role in establishing land prices for municipally owned industrial lands as mandated by City Council. In attempting to establish prices, staff and the committee first identified which communities it was primarily competing for future investment based on the inventories of those municipalities who will continue to be active in the development and sale of industrial land. Based on the survey results, all of the municipalities should be considered competitors for future investment opportunities; however Kitchener s small inventory of industrial land presents less competition at the current time. Staff and the committee compared each community's land price and inventory totals over the past year to clearly highlight the changes that are occurring in the marketplace. Over the past year, the market has remained virtually unchanged overall with land prices increasing by approximately $3,800 per acre on average, while inventories decreased by 16 acres. In summary, the data gathered demonstrates that the current industrial land price structure for the City allows it to remain in the middle of the group when compared to surrounding Southwestern Ontario municipalities who develop and sell land. The City s position over the past few years has been to position Brantford s land pricing below those communities to the north and east (Waterloo, Kitchener, Guelph, Hamilton, and Cambridge) and above those communities to the west (Woodstock, London, Chatham- Kent, Ingersoll, Stratford, Sarnia-Lambton, St.Thomas, Strathroy-Caradoc, and Windsor); a precedent that has worked successfully up until now. Moving forward, this precedent may have to be reexamined based on two factors: 1) Municipally owned industrial land parcels continue to diminish; and 2) Brantford s industrial space inventory is steadily depleting Given these supply shortfalls, a price change for municipally owned land may be justified in the future based on demand interests. As the the local economy continues to rebound and market conditions follow suit, the value of these diminishing assets may change prior to the annual price survey carried out by staff. If staff determine that a price change is warranted in the marketplace, then a report will be brought before Council accordingly. 9.0 CONCLUSION The purpose of this report has been to review and analyze the current municipal industrial land price structure by staff and the Brantford Economic Development Advisory Committee and report their findings back to City Council.
9 Report No. CD Page 9 The preceding pages have demonstrated that the current industrial price structure allows Brantford to remain competitive in comparison to municipalities located in Southwestern Ontario who remain active in the development and sale of municipally owned industrial land. Therefore, it is recommended that the current pricing structure remain the same for 2012 and that a survey be completed in a year s time to investigate the market conditions at that time. Gregory Dworak, MCIP, RPP General Manager, Community Services John Frabotta, Director Economic Development & Tourism Kevin Finney, Information Officer Economic Development & Tourism In adopting this report, is a by-law or agreement required? If so, it should be referenced in the recommendation section. Bylaw required [ ] yes [ x ] no Agreement(s) or other documents to be signed by Mayor and/or City Clerk [ ] yes [ x ] no Is the necessary by-law or agreement being sent concurrently to Council? [ ] yes [ x ] no
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