The City of Mississauga is investing $10 million over 10 years to help build the University of Toronto Mississauga’s Innovation Complex, a facility that will transform business education and help to develop a culture of innovation and drive economic development in the region. The investment is the largest municipal grant ever made to U of T Mississauga.
Mississauga City Council today approved the $10-million investment over 10 years. It will support construction of the Innovation Complex which will house the signature Institute for Management & Innovation (IMI). The Institute will be the home of undergraduate and professional graduate programs that will be highly integrated with external business and community stakeholders, and aligned with key sectors of industry and commerce.
“This commitment is a testament to the visionary leadership shown by Mayor Hazel McCallion and her council colleagues on behalf of the citizens of Mississauga,” says U of T President Meric Gertler. “We are fortunate to have such a forward-thinking civic partner, one that understands the economic and social significance of universities in creating a prosperous urban environment. Together, we can make the city and region an even better place in which to live, work and thrive.”
“This is an investment in the economic future of not only Mississauga but the province of Ontario and Canada,” says Mississauga Mayor Hazel McCallion. “We are implementing our motto of ‘Leading Today for Tomorrow.’ ”
“We are delighted that council has approved this investment that will build substantial competitive advantage for the city, help to generate new ideas and leaders, and develop a strong base of human talent,” says Professor Deep Saini, vice-president of the University of Toronto and principal of U of T Mississauga. “This $10-million grant will produce major economic benefits for Mississauga and our region by creating an innovation culture, building a knowledge economy and attracting global business.”
The investment supports the city’s prosperity pillar, as articulated in its strategic plan. Specifically, the plan notes the importance of developing talent, attracting innovative business, meeting employment needs and creating partnerships for innovation.
The $10 million grant – with an additional $25 million from U of T Mississauga – will support the construction of the $35 million Innovation Complex. The four-storey building, scheduled to open in September 2014, will house the Institute for Management & Innovation as well as space for the Office of the Registrar, the Li Koon Chun Finance Learning Centre and expanded accommodation for the Departments of Economics and Management.
The construction of the Innovation Complex is expected to create about 28 person-years of employment, $2.6 million in labour income, and nearly $1 million in business income in Mississauga. Ongoing expenditures related to IMI are expected to create about 101 full-time jobs, $20.7 million in labour income, and $1.5 million in business income annually in Mississauga.
Within the Innovation Complex, IMI will train mission-focused management graduates in fields as varied as health care, biotechnology, professional accounting and environmental sustainability. Over time, the Institute plans to increase enrolment from 2,300 to almost 3,000 students, and to hire approximately 30 new faculty from around the world.
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