Report - Invest Toronto

Toronto
Team
Business Mission to
Chicago
To renew the partnership agreement between
two great cities and identify opportunities
to grow investment, enhance the business
climate and stimulate greater job growth in
both Toronto and Chicago.
mayor rob ford
Toronto is growing at a phenomenal rate. More
construction cranes are in our skies than ever
before. In fact, Toronto has more high-rise buildings
under construction than New York City and Mexico
City combined.
People are coming to Toronto to live, raise a family,
work and do business because they know what Toronto
has to offer. We are a diverse city with opportunity. Our
financial sector is booming, development is happening
in every corner of the city and we are constantly seeking
new ways to lead by example.
This past year marked a significant milestone for
Toronto. We managed to get our spending under
control, negotiate fair and reasonable contracts with
City employees and, at the same time, continued to
deliver services with the customer service excellence
Toronto residents expect.
I am very excited to renew our unique agreement with
Chicago this week. Not only will it allow us to share the
Toronto experience, but it will also start a new dialogue
about how we can enhance our special relationship.
Toronto is Canada’s business and financial
capital. If you’re going to expand your business,
Toronto should be the first place to look.
George A. Cohon
business Mission Co-chair and
Founder of McDonald’s Restaurants of
Canada Limited
George A. Cohon is Founder of McDonald’s
Restaurants of Canada Limited and McDonald’s
in Russia. Prior to moving to Canada in 1967 he
practiced corporate law in Chicago. Mr. Cohon is
a Partner of Cirque du Soleil Russia/Ukraine. He
has a JD degree from the Northwestern University
School of Law and is a lifetime Trustee of the
Northwestern Board. He is a recipient of the Alumni
Medal Award from the Northwestern University
Alumni Association. He has received the highest
public service awards from three continents: he is
an Officer of the Order of Canada; he was awarded
Russia’s Order of Friendship and the Israel Prime
Minister’s Medal. He has received the Woodrow
Wilson Award for Corporate Citizenship and is a
recipient of countless other distinctions.
Toronto is the epitome of what business
looks for in a city with a blend of corporate
and civic leadership, lifestyle and accessibility
that is unmatched. I moved here in 1967 and
witnessed a great city become world-class
and I think our future is limitless.
Robert J. Deluce
business Mission Co-Chair and
President and Chief Executive Officer,
Porter Airlines Inc.
Robert J. Deluce is one of Canada’s most
knowledgeable and respected airline owners and
operators. He brings to the industry over 50 years
of Deluce family experience in successfully owning,
financing, restructuring, operating and managing a
number of regional airlines in Canada.
His involvement in the aviation industry includes
White River Air Services, norOntair, Austin Airways,
Air Creebec, Air Ontario, Air Manitoba, Air Alliance
and Canada 3000 Airlines.
He has been President of Deluce Capital Corp. since
1987, and is currently President and CEO of both
Porter Aviation Holdings Inc. and its wholly owned
subsidiary Porter Airlines Inc.
I moved to Toronto almost 25 years
ago because I thought it was a great place
to establish a head office. In addition to
being a vital transportation hub, it provides
the location, people and infrastructure to
make any venture viable.
Michael Thompson
City Councillor and Chair of Toronto’s
Economic Development Committee and ViceChair of the Toronto Police Services Board
During his three terms on Council,
Councillor Thompson has been
instrumental in the creation
and support of strong Business
Improvement Areas in his ward,
and is a passionate advocate of
creative approaches to investment
and business growth. Committed
to building greater collaboration between the public
and private sectors, Councillor Thompson began
his leadership of Toronto’s Economic Development
portfolio in 2011 by bringing senior business and
cultural leaders together to help create new economic
development and cultural plans for the city.
Councillor Thompson believes that with Toronto’s
strong business sectors, cultural diversity and
welcoming attitude, we offer investors one of North
America’s most compelling value propositions.
Prior to entering politics, Councillor Thompson worked
in the private sector, including several years as an
entrepreneur and business advisor focused on helping
to establish, manage and grow small businesses.
Toronto Officials
Rob Ford
Mayor, City of Toronto
George A. Cohon
Business Mission Co-chair and Founder of McDonald’s Restaurants
of Canada Limited and McDonald’s in Russia
Robert J. Deluce
Business Mission Co-chair and President and Chief Executive Officer
of Porter Airlines Inc.
Councillor Michael Thompson
Ward 37 Scarborough Centre
Chair of Economic Development Committee
Councillor Paul Ainslie
Ward 43 Scarborough East
Chair of Government Management Committee
Councillor Mike Del Grande
Ward 39 Scarborough-Agincourt
Chair of Budget Committee
Councillor Peter Milczyn
Ward 5 Etobicoke-Lakeshore
Chair of Planning and Growth Management Committee
Councillor Michelle Berardinetti
Ward 35 Scarborough Southwest
Member, Executive Committee
Councillor Doug Ford
Ward 2 Etobicoke North
Councillor Mark Grimes
Ward 6 Etobicoke-Lakeshore
Secretariat, Pan American Games
Councillor Jaye Robinson
Ward 25 Don Valley West
Member, Executive Committee
Michael Williams
General Manager, Economic Development & Culture, City of Toronto
George Spezza
Director, Business Services,
Economic Development & Culture, City of Toronto
Renato Discenza
President and CEO, Invest Toronto
Janet Ecker
President and CEO, Toronto Financial Services Alliance
TORONTO & CHICAGO key STATS
Toronto
Region
Land area
630 km2
5,903 km2
Population
2.7 million
5.7 million
Labour Force
1.4 million
3.2 million
Universities & Colleges
4 universities &
4 colleges
11
Full-time Students
198,920
228,945
Number of Businesses
84,863
180,677
Office Space
119 million sq. ft.
168 million sq. ft.
Industrial Space
291 million sq. ft.
842 million sq. ft.
GDP
$152 billion (CAD)
$296 billion (CAD)
Unemployment
(annual average)
9.2%
8.3%
Source: City of Toronto
Chicago
Region
606.1 km2
N/A
2.7 million
9.5 million
1.25 million
4.8 million
*17 - 4-year universities
7 community colleges
35 technical & specialty colleges
*43 - 4-year universities
21 community colleges
66 technical & specialty colleges
*154,648
*326,326
92,508
*260,000
(U.S. Census Bureau)
(U.S. Census Bureau)
(Illinois Department of
Employment Security, 2011)
(2009 full-time enrolment)
(U.S. Census Bureau)
(Illinois Department of
Employment Security, 2011)
(2009 full-time enrolment)
(Newmark Grubb Knight Frank, 2011)
175 million sq. ft.
(CoStar Group Inc. 2Q12)
N/A
456 million sq. ft.
(CoStar Group Inc. 2Q12)
1.147 billion sq. ft.
(CoStar 2Q12)
N/A
*$496 billion (USD) gross
regional product
11.3%
9.8%
(Illinois Department of
Employment Security, 2011)
*Source: World Business Chicago (WBC)
(Illinois Department of
Employment Security, 2011)
TORONTO/CHICAGO SYnergies
Toronto and Chicago are near mirror images of each other reflected
across the natural wonder of the Great Lakes. With our shared love
of art and culture; our mutual passion for sports; our rich histories
and our diverse populations, there is more that unites us than divides
us. The Team Toronto Business Mission to Chicago is an exceptional
opportunity to build on a long-standing, mutually beneficial
relationship between two world-class metropolises.
Chicago and Toronto are the two largest cities on the Great Lakes.
They are cities born of industry and commerce built on port lands
with core ports and distribution hubs that thrive to this day.
Just like Toronto, Chicago has evolved over the past 240 years to
include a diverse set of strategic business sectors. Some of those
sectors overlap with Toronto’s, including biotechnology, information
technology, financial services and green energy. It is sectoral
diversity that enables both cities to play such vital roles in driving the
economies of their respective countries.
Many businesses have already taken advantage of the obvious
synergies between Toronto and Chicago. BMO Financial Group,
through its ownership of BMO Harris Bank, has cultivated deep and
enduring relationships within Chicago’s financial sector. Kraft Foods
Inc. and Wrigley, which are both headquartered in Chicago, also have
major manufacturing operations in Toronto.
The Schulich School of Business at York University in Toronto and the
Kellogg Business Program at Northwestern University in Chicago
have a joint MBA program.
According to Industry Canada, in the last five years, Ontario exported
$33.9 billion in goods and services to Illinois and imported $46.1
billion from Illinois. The pharmaceutical and medical manufacturing
industry in Ontario exports over $700 million to Illinois annually,
making it the most significant component of this export trade.
Culturally, the cities also have much in common. The entertainment
industry wouldn’t be what it is today if it were not for the contributions
of comedians like Dan Aykroyd, Bill Murray, John Belushi, Martin
Short, Gilda Radner, Steve Carell, John Candy, Mike Myers, Dave
Foley, Tina Fey, and Stephen Colbert, all of whom began their careers
in a Chicago or Toronto-based Second City playhouse. Perhaps there’s
something in the Great Lakes water that creates great comedians.
For years, the film industry has shot blockbusters on the streets of
Chicago and Toronto. Chicago can claim The Dark Knight and the
upcoming Superman: Man of Steel while Toronto has the X-Men and
The Incredible Hulk. Clearly the superhero industry is thriving in
each city.
Toronto and Chicago have a storied history of NHL hockey. The
Chicago Blackhawks and the Toronto Maple Leafs are two of the
Original Six NHL teams and have shared many on-ice battles for
the Stanley Cup since Chicago joined the league in 1926. In fact, the
Blackhawks’ very first hockey game was played against the Toronto
St. Patricks, who would later become the Maple Leafs.
When the Toronto Blue Jays first took to the field on a snowy April
day in 1977, they did so against the mighty Chicago White Sox.
Stunning everyone, the Jays managed to beat the Sox that day,
marking one of the few bright spots for Toronto that season.
The synergies that exist between Toronto and Chicago are essential to
the economic success of both cities. We will continue to promote our
talents, combine our strengths, and grow together as partner cities on
the Great Lakes.
The Relationship Between
On July 19, 1991, Toronto Mayor Arthur C. Eggleton signed a sister
city agreement with Chicago Mayor Richard M. Daly to strengthen
the existing ties of friendship between the two Great Lakes powers.
This initiative opened the door to what would become a tradition of
fruitful information, business and cultural exchanges.
Over the course of the 21-year relationship, the principles
established in 1991 have remained the same: to further the shared
values and beliefs of each city’s citizens and to advance the common
interests uniting both cities in the areas of economics, finance,
trade, tourism, urban planning, culture and education.
Representatives of Chicago have toured the TMX, the AGO and the
Toronto Fashion Incubator, and have learned the ins and outs of
Enwave’s Deep Lake Water Cooling system. Drawing on the insight
and experience of Toronto experts, Chicago officials have developed
their own versions of two Toronto creations. After seeing first-hand
Two Great Cities
the immense success of Doors Open Toronto, Chicago officials
produced their own version – Open House Chicago, the first of which
was held in 2012. The Chicago Fashion Incubator, opened in 2008, is
mirrored after the Toronto Fashion Incubator.
By travelling to Chicago, Toronto representatives have had an
opportunity to promote their city as an ideal investment location
and have learned more about Chicago’s waterfront and industry
sectors. Delegates have toured Navy Pier, visited the flagship
Wrigley facility and profiled Toronto’s design industry at NeoCon,
arguably one of North America’s largest design expos and
conferences for commercial interior designers.
By reaffirming the relationship between Toronto and Chicago, the
strategic alliance will be rejuvenated. Investment, trade and learning
opportunities will be encouraged and Toronto and Chicago businesses
will have an opportunity to showcase their world-class products.
What Toronto offers
The Toronto region is consistently ranked at the top when it
comes to global competitiveness, innovation and quality of life.
Very few cities in the world can offer such multi-sector strength,
depth of talent and a driving economic and financial engine.
Toronto is a pro-business environment and prides itself on a city
government that is committed to reducing bureaucratic barriers
to business success and nurturing nascent companies with
well-supported entrepreneurship programs.
A Diverse Economy is a Strong Economy
Much like Chicago, Toronto has built upon its manufacturing and
industrial past to develop a broad mix of thriving business sectors.
From financial services to retail; from information technology to food
services; from the green sector to the fashion industry; from film
production to tourism; from arts and culture to sports and recreation,
Toronto houses a web of interconnected businesses that are stronger
because of those connections. That strength creates a natural
resiliency that allows the city to weather economic downturns better
than most and, as the economic capital of Canada, also provides
financial security and confidence to the rest of Canada.
A Deep Talent Pool
Doing business in Toronto allows business investors to draw on a
talent pool of 1.4 million people (3.2 million across the entire region)
that are highly educated, motivated and qualified. According to an
Organisation for Economic Co-operation & Development (OECD)
2011 study, Canada has the highest rate of post-secondary school
education among the OECD’s 34 partner countries and Toronto
leads the way with a rate of 64%. That’s 16% more than the national
average. Toronto has four universities, four colleges and a multitude
of trade institutions that are working hard to prepare Toronto and
Canada for global competition.
Global City – Global Workforce
Toronto boasts the largest foreign-born population of any region in
the world, with more than half of its citizenry originating elsewhere.
The city routinely comes together to celebrate our cultural diversity
and, when you walk Toronto’s streets, you are likely to hear some of
the 180 different languages and dialects spoken here. Toronto is a
perfect conduit into foreign markets, with a depth of knowledge and
proficiency of language that makes connecting to China, India, the
European Union and other key markets a simple task.
Richard Johnson/ Interior Images Inc.
People love living here
Toronto is repeatedly and consistently ranked at the top of all
international liveability indexes. Most recently, The Economist
declared Toronto the fourth best city in the world to live. Toronto
citizens enjoy access to public transit, quality infrastructure,
professional and amateur sports, cultural and creative events, well
maintained green spaces, open and tolerant communities, universal
healthcare and opportunities to improve their lives and the lives of
their loved ones. In 2011, PricewaterhouseCoopers ranked Toronto
number two in their Cities of Opportunity study, coming in behind
New York City.
Toronto is an active city with no shortage of things to do in its
vibrant core, but it is also a city of neighbourhoods. A total of 73
different Business Improvement Areas create a patchwork of distinct
communities across the city offering unique shopping, living and
dining opportunities that reflect Toronto’s cultural diversity.
Global Low-cost Leader
According to the 2012 KPMG study on Competitive Alternatives, of
the 44 major global urban centres studied, Toronto is ranked fifth in
cost-competitiveness. If we just include Canada, the United States
and South America, that ranking goes to number two.
Toronto achieves this by maintaining the lowest development rates
in the region and by seeking no development charges on industrial
developments. Additionally, Toronto’s municipal tax rates are
consistently below regional averages.
Photo: Tom Arban/Diamond and Schmitt Architects
Incentives for Business
The City of Toronto’s Imagination, Manufacturing, Innovation,
Technology (IMIT) financial incentive program provides tax
incentives to support new building construction and job creation in
targeted sectors including tourism and manufacturing.
The IMIT program also provides property tax relief to encourage
companies to clean up contaminated sites and to develop
underutilized or vacant properties.
Canada’s Economic and Financial Hub
Toronto is at the centre of it all, sharing a time zone with the world’s
largest concentration of economic activity – the north-eastern
United States. Within 90 minutes you can be in New York, Chicago,
Boston or Washington DC. Toronto is the engine that drives Canada’s
prosperity and accounts for 19% of Canada’s GDP.
Since 2008, Canada’s banking system has been revealed to be a
model of stability and sound regulation. For four years running, the
World Economic Forum has declared Canada’s banking system the
most sound in the world. Toronto is North America’s fastest expanding
financial centre with four of the country’s five largest banks making
their headquarters downtown. Toronto’s stock exchanges have more
listings than any other exchange in North America, and rank number
two worldwide.
A City Growing Upward not Outward
Toronto is a city that has learned to manage its growth with
thoughtful consideration to density, sprawl, residential concerns
and the healthy expansion of the business community. There are
more cranes on Toronto’s skyline than any other North American
metropolis, with more than 4.5 million square feet of new office
space coming online in the past few years and another 3.7 million
to be ready by 2016. Many cities suffer from a 5 pm mass exodus
where the workforce flees the downtown core to reside in the
suburbs, but not Toronto. People are eager to live, work and play
in Toronto. In fact, trends indicate that more people are giving up
the sleepy comforts of the suburbs in exchange for the access to
services, facilities, shopping, transit, convenience, entertainment,
and human connection that downtown living provides.
Toronto is dense, but not overcrowded. It is active, but not
overwhelming. Toronto is a city that understands the complex
connection between job satisfaction, commute times, population
density, municipal infrastructure and services, advancement
opportunity, community investment and a shared sense of
civic pride.
City of Toronto Services
for Businesses
The City is committed to clearing a path and making business
building in Toronto a smooth experience. For every regulated
step that a business needs to take in Toronto, that same company
would need to take almost six in the United States and Europe. That
efficiency translates directly into time and money saved.
The City provides advocacy and consultation services to nurture a
business-friendly environment and to help businesses launch, grow,
expand, relocate, export and manage everyday challenges.
City staff are available to support businesses by:
• Helping address operational needs, resolve municipal issues and
navigate regulatory systems
• Acting as the link to City Hall
• Providing site location information to aid in investment decisions
• Assisting with business expansion, location and relocation
within Toronto
• Guiding the review of proposals through the development process
• Supporting workforce development through hiring and wage
assistance programs
• Promoting business and investment opportunities through a
searchable listing of confidential prospects
• Advancing growth and convergence in key sectors such as
financial services, information and communications technology,
film and television, biotechnology, design, fashion, food and
beverage, green industry, culture, business and professional
services and tourism through permanent on-staff specialists
• Providing guidance on expanding into national/international markets
• Helping navigate export regulations, policies, processes and challenges
• Connecting businesses with representatives from Toronto’s formal
international economic development partnerships in Chongqing (China),
Ho Chi Minh City (Vietnam), Quito (Ecuador), Warsaw (Poland), and
Kyiv (Ukraine).
Team Toronto
business DELEGATion
Wayne Barwise, Executive Vice President, Development
The Cadillac Fairview Corporation
cadillacfairview.com
Courtney Betty, Attorney
Miller Canfield Law Firm
millercanfield.com
Paul Brown, Chairman of the Board
Enwave
enwave.com
Judi Cohen, Director, Business Development and Marketing
Metrolinx
metrolinx.com
Clare Copeland, Chairman
Toronto Hydro torontohydro.com
Matthew Corrin, Founder and CEO
Freshii
freshii.com
Emlyn David, Managing Partner
Clean Energy Developments
cleanenergydevelopments.com
Betty K. DeVita, President
MasterCard
mastercard.com
Nick Di Donato, President and CEO
Liberty Entertainment Group
libertygroup.com
Clifford Eby, President, Americas Transportation
Parsons Brinckerhoff
pbworld.com
Ernest Eves, Former Premier of Ontario
Keith Ford, Account Executive
Electronic Recycling Services
ers-international.com
Mary Gendron, Senior Vice President and Chief Information Officer
Celestica
celestica.com
David Gerofsky, President and CEO
First Gulf Corporation
firstgulf.com
Jim Ginou, President
Art Printing Co.
artprinting.com
Rob Godfrey, Executive Vice President
Qwatro Corporation
qwatro.com
Murray Goldman, President and Chairman
The Goldman Group
goldmangroup.com
Paul A. Golini, Chair
Building Industry and Land Development Association
bildgta.ca
Mike Harris, Former Premier of Ontario
Cassels Brock & Blackwell LLP
casselsbrock.com
Graham Henderson, President
Music Canada
musiccanada.com
E. M. Blake Hutcheson, President & CEO
Oxford Properties Group
oxfordproperties.com
Team Toronto
business DELEGATion
Michael Kessel, President and CEO
Cleveland Clinic Canada
my.clevelandclinic.org
Thomas Kloet, CEO
TMX Group
tmx.com
Michael Kraljevic, President and CEO
Toronto Portlands Company
tplc.ca
Stephen Kuhr, Principal Consultant
Parsons Brinckerhoff
pbworld.com
David Kusturin, COO
Waterfront Toronto
waterfrontoronto.ca
Tony Lamantia, Assistant Deputy Minister
Ministry of Economic Development and Innovation
mri.gov.on.ca
Ralph Lean, Partner
Cassels Brock & Blackwell LLP
casselsbrock.com
Barry Leon, Head, International Arbitration Group
Perley-Robertson, Hill & McDougall LLP
perlaw.ca
John Paul Macdonald, Senior Vice President, HR and Public Affairs
Bombardier Inc.
bombardier.com
John Mandarino, Director
LIUNA Canadian Tri-Fund
liuna.org
Shaun McKaigue, Vice President
Fer-Pal Construction Ltd.
ferpalinfrastructure.com
Mark McQueen, President and CEO
Wellington Financial LP
wellingtonfund.com
Blair Murdoch, President
Allvision Canada
allvision.com
Terry Nemeth, Vice President
TELUS
telus.com
Anthony Primerano, Director of Government Relations
LIUNA Canadian Tri-Fund
liuna.org
Jeffrey Remedios, Co-Founder
Arts & Crafts Productions
arts-crafts.ca
Mark Romoff, President and CEO
The Canadian Council for Public-Private Partnerships
pppcouncil.ca
John Rothschild, President and CEO
Prime Restaurants Inc
primerestaurants.com
Lorne Saltman, Partner
Cassels Brock & Blackwell LLP
casselsbrock.com
Kevin Smith, Senior Partner
Vigorate Digital
vigoratedigital.com
Team Toronto
business DELEGATion
Kashmiri Sood, President and CEO
Ranka Group
ranka.com
Kimberly Stewart, CEO
Arbitration Place Inc.
arbitrationplace.com
Alain Sutton, Founder, Chairman & CEO
Toronto Congress Centre
torontocongresscentre.com
Bryan Tuckey, President and CEO
Building Industry and Land Development Association
bildgta.ca
Brad Watson, Partner
KPMG LLP
kpmg.com/ca
Carol Wilding, President and CEO
Toronto Board of Trade
bot.com
Geoffrey Wilson, President and CEO
Toronto Port Authority
torontoport.com
Hon. Michael H. Wilson, Chairman
Barclays Capital Canada
barcap.com
Thank you to our hosts the City of Chicago
and our organizing partners.
Thank you to our sponsors:
of CHICAGO
For more information on Toronto, please contact
Invest Toronto at 1-877-406-3841.