| shenaeyktq | Date: Monday, 24 Jun 2013, 20:16:02 | Message # 1 |
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A KPMG study of the threeyearold Eastern Ontario Development Fund found it leveraged more than $485 million in private sector investment, about $8 for every $1 invested.
"They're giving all kinds of incentives to companies who are supposed to be creating jobs, and then we turn around and those jobs disappear," said NDP Leader Andrea Horwath.
"That leverage rate of 1to8 speaks volumes to us about its credibility and the need to find ways to replicate it here in southwestern Ontario."
"They go across the border or they simply shut down the plants after they've been receiving all kinds of government, or in fact, taxpayers' dollars."
The cashstrapped Liberal government has vowed to find savings equal to the cost of any new programs it introduces, and so far about $66 million has been found to offset the costs of the two regional development funds over the next four years.
The bottom line for the Progressive Conservatives is that Ontario is broke and can't afford the new regional development fund.
"We can't support things that will make our deficit even deeper," said Opposition Leader Tim Hudak.
McGuinty announced the new development fund after touring videogame developer Digital Extremes, which received $2.5 million from the province last April to help it expand and create jobs.
The $20millionayear fund will invest in companies or ideas from local development agencies, and is identical to an Eastern Ontario Development Fund that has already proven successful, said McGuinty.
锘?0M annual development fund for southwestern Ontario
The opposition parties said they wanted to see exactly what was in the legislation to create the new southwestern fund and to make both funds permanent, which will be introduced Tuesday.
"It's time to start saying, where are the musthaves and what are the nicetohaves."
The New Democrats said the development funds should come with firm job guarantees but don't, pointing to companies in Thunder Bay, St. Catharines and Chatham that folded after taking millions of dollars in provincial money.
"In our lager centres, Toronto, Hamilton, Ottawa for example, we have other kinds of programs we have used to leverage dollars, so we have not been regionspecific in larger urban centres," he said.
In addition to the Eastern and Southwestern Ontario funds, the province also has a Northern Ontario Heritage Fund and a Rural Economic Development Fund, but McGuinty dismissed suggestions the HamiltonNiagara area was also in need of a similar program.
The province will save $42 million from its Research Fund for Excellence, $19 million from a Strategic Jobs and Investment Fund and $5 million from its Life Sciences Commercialization Strategy, and promises more savings will be found to pay for the new funds.
"Don't forget there are all kinds of other programs out there too. Don't look at a regional economic development fund as being the beginning and end of our economic development policy."
LONDON, Ont. Ontario government grants to private companies create jobs and get a great return on investment, Premier Dalton McGuinty said Monday as he announced the creation of the Southwestern Ontario Development Fund.
"We're going to have to review, and some of those things are less effective than others, but this model has proven to be very effective," said McGuinty.
The premier recently suggested government investments in businesses would end as the Liberals rein in spending to deal with a $16billion deficit, but he said Monday the regional development funds would be spared.
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