Official opening of Innovation Park

More than 110 acres of prime serviced industrial land became available in London, Ontario today with the official opening of Innovation Park. Located on Airport Road South, the park offers competitively priced land with convenient access to Hwy 401 and the London International Airport. “It’s great to celebrate the launch of another piece of our Land Strategy designed to bring new industry to our community,” says Mayor Anne Marie DeCicco. “We’ve had such phenomenal success in attracting new investment over the past five years and we’re confident Innovation Park will be a key component of the next phase of development.” The Park has already secured its first sale. CT Innovations is a high tech automotive parts manufacturing company that offers advanced tubular steel forming solutions for Tier 1 and Tier 2 automotive companies. Construction of the company’s 25,000 sq ft building is expected to start in July. “Innovation Park will have a positive impact on London’s ability to attract new investment,” says John Kime, President and CEO, London Economic Development Corporation, “Having a park of this caliber in terms of its location, the design requirements and its phased growth potential is something our community can be very proud of. The City is to be commended for its foresight and commitment to growing London’s economy with this kind of investment.” Phase One of Innovation Park represents an initial investment of $6,761,000 by the City of London and a $3,385,000 investment by the Province of Ontario through the SuperBuild Fund. “We are on the side of Ontario’s businesses and entrepreneurs who help our province prosper,” said Khalil Ramal, MPP for London-Fanshawe. “Through investments in local infrastructure, we’re working to ensure our communities provide the best opportunities for residents and businesses alike.” Phase One of the Park provides immediate access to 110 acres of serviced land. Subsequent phases will provide an additional 460 acres starting in 2007. The lots are being sold for a price of $65,000 per acre with a 5% premium for lots with Airport Road frontage. All parcels are zoned Light Industrial. Launched in 2001, the City’s Industrial Land Development strategy has witnessed significant success with Forest City Industrial Park exceeding sale and growth expectations within the first three years. -30- Contact: Anne Marie DeCicco, Mayor City of London 661-2500 x 0939