The University of Toronto Mississauga is receiving $10 million over a 10-year period from the City of Mississauga to help finance the Innovation Complex, a four-storey building that will house the Institute for Management and Innovation as well as other related economic and management departments.
The building is scheduled to open in September 2014 and is expected to eventually create approximately 101 full-time jobs and annually maintain $20.7 million in labour income and $1.5 million in business income.
“We are delighted that council has approved this investment that will build substantial competitive advantage for the city,” said UTM’s Principal Deep Saini. “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 IMI will train graduates in areas such as healthcare, biotechnology, professional accounting, and environmental sustainability. The IMI is expected to result in an increase in enrolment of almost 3,000 students and the employment of an additional 30 faculty from different parts of the world.