Winnipeg, MB – The City of Winnipeg launched the Council-approved Heritage and Economic Development Incentive Program in support of development projects that result in job creation, conservation of heritage buildings, and the redevelopment of downtown surface parking lots.
The program will provide tax increment financing grants based on location and program criteria, including minimum thresholds for private capital investment and economic outcomes. Total grants available under the program are limited to $20 million, including $10 million in the downtown and $10 million outside Downtown.
Successful applicants may receive up to 80% of the incremental municipal taxes arising from a new development project, to a maximum of $2 million. The program will also enable proponents to access existing provincial or federal programs that may require support from another level of government.
“The goal of the Heritage and Economic Development Incentive Program is to support and leverage new investment in our city,” said Councillor Markus Chambers, Chairperson of the Standing Policy Committee on Innovation and Economic Development. "We believe this program will help create new quality jobs and encourage economic development as we emerge from the challenging impacts of the COVID-19 pandemic.”
“Our downtown has seen tremendous investment over the last decade,” said Chambers. “This program will help continue that momentum and support other downtown recovery efforts. And by investing in the adaptive reuse of heritage buildings we are also encouraging sustainable and green economic development.”
For more information on the Heritage and Economic Development Incentive Program, see: www.winnipegtif.ca.