On Wednesday, Mississauga City Council announced a $10 million investment to help build the University of Toronto Mississsauga’s (UTM) Innovation Complex—a facility that will transform business education and help develop a culture of innovation and drive regional economic development. The investment will be given out over the next 10 years, and is the largest municipal grant ever made to UTM.

The Innovation Complex will house the signature Institute for Management and Innovation (IMI). The IMI will be the home of undergraduate and professional graduate programs that will incorporate external business and community stakeholders.

“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,” said UofT 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.”

The investment supports the City’s prosperity pillar, noted in the City’s strategic plan. The plan notes the importance of developing talent, attracting innovating business, meeting employment needs and creating partnerships for innovation.

“This is an investment in the economic future of not only Mississauga but the province of Ontario and Canada,” said Mississauga Mayor Hazel McCallion. “We are implementing our motto of ‘Leading Today for Tomorrow.’ ”

The $35 million Innovation Complex, expected to open in September 2014, will house the IMI, 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 $2.6 million in labour income and nearly $1 million in business income in the city. Ongoing expenditures related to the IMI are expected to create 101 full-time jobs, $20.7 million in labour income and $1.5 million in annual business income in Mississauga.

The IMI will train mission-focused management graduates in fields like health care, biotechnology, professional accounting and environmental sustainability. Over time, the Institute plans to increase enrolment from 2,300 to 3,000 students, and hire approximately 30 new faculty members from around the world.