the Kanata North Business Association (KNBA) and the Municipality of Mississippi Mills to invest in their local economies and help promote regional economic development.
Combined, the province is investing more than $2.5 million across both community-building projects through the Regional Development Program, which will help retain existing positions, create new direct and indirect jobs, as well as facilitate skills training and talent attraction.
“Through the Regional Development Program, our government is making targeted investments in communities across Ontario. Projects like Kanata North Business Association’s Hub350 and the Municipality of Mississippi Mills development of their municipal lots help build communities, and attract investment and businesses,” said Ontario Premier Doug Ford. “Projects like these are part of our Building Ontario plan, to create economic prosperity in every corner of our province. Today’s announcements will help create prosperity in Kanata and Mississippi Mills.”
These investments will help attract local and global investments and businesses, as well as make these communities increasingly attractive to employers and future employees.
“Community development is an extremely important element for Ontario’s recovery and future prosperity,” said Vic Fedeli, Minister of Economic Development, Job Creation and Trade. “Investing in community-building projects like those by the Kanata North Business Association and the Municipality of Mississippi Mills, is part of our plan for growth and job creation across the province and will help make these communities an attractive place to not only do business, but to make your home.”
The Kanata North Business Association is investing $3 million to help attract Canadian and global investment and businesses to the Kanata North Technology Park. With $1.5 million from the Eastern Ontario Development Fund, the association will promote regional economic development on a global scale for the 543 Kanata North member companies. Dubbed “Hub350”, the project will serve as the physical gateway to the technology park by bringing together corporate partners, academic institutions, investors, banks and government funders to accelerate the growth of companies at a technology centre. The project will also establish a Digital Lab to promote innovation with five national media partners to broadcast news, events and history from Kanata North to attract investment and businesses to the park.
“We have a vision for Kanata, that will see Canada’s largest technology park transform into the preeminent region in the country to live, work, play and learn,” said Jamie Petten, Kanata North Business Association President and Executive Director. “With generous support from the Province of Ontario, Hub350 is the magnetic force that brings it all together, moving things forward as that vision becomes a reality.”
Recognized as Canada’s largest technology park, it is home to more than 28,000 employees. The companies of the Technology Park contribute $1.96 billion in annual tax revenues to the province. The project will play an important role in connecting talent with growing companies. The recent opening of the University of Ottawa and Carleton University’s Kanata-North campuses supports a successful partnership and a close integration of academic institutions in the technology park.
“Hub350 will be a tremendous asset to the development of the technology sector in Kanata and throughout the Ottawa Region,” said Dr. Merrilee Fullerton, MPP for Kanata-Carleton and Minister of Children, Community and Social Services. “The provincial government is pleased to be supporting the Kanata North Business Association, which has done a remarkable job in bringing together all the essential elements of a dynamic high tech sector and providing the space for new synergies and opportunities to take hold. My congratulations to the many community leaders, and all the companies and organizations, who are making this important initiative a reality and contributing to the growth and prosperity of our business community.”
The Hub350 project will foster the growth and success of existing locally founded companies, while also protecting the direct investments made by foreign multinationals who operate in the technology park.
The Municipality of Mississippi Mills is investing more than $2.1 million to expand and develop 10 new municipal lots totalling 11 acres in its business park in Almonte. With more than $1 million from the Eastern Ontario Development Fund, the project will tackle major infrastructure plans for the park, including site preparation, earthworks, storm drainage, installation of watermains, sanitary sewers, roadworks, natural gas and hydro, as well as telecommunication utilities.
The project aims to attract new businesses looking to start in, or relocate to Mississippi Mills, as well as provide capacity for existing businesses interested in expanding to remain in the municipality. It will foster collaboration while continuing to help diversify Ontario’s economies, improve competitive position, and enhance productivity and growth.
“Completion of the third and final phase of our business park with the creation of 10 serviced commercial lots has been a key priority for our Council,” said Christa Lowry, Mayor of the Municipality of Mississippi Mills. “Thanks to this significant funding investment from the Eastern Ontario Development Fund we are able to expand the business park and add opportunities for existing business growth and new business development that will increase job opportunities in the Municipality, leverage our existing infrastructure, increase annual tax revenue and drive creative commercial and industrial growth.”
Ontario is investing more than $100 million through the Regional Development Program from 2019 to 2023 to support distinct regional priorities and challenges. The program provides cost-shared funding to businesses, municipalities, and economic development organizations to help local communities attract investment, diversify their economies, and create jobs.