October 21, 2016
Five New Rental Unit Developments to Receive Provincial, City Support
– – –Tax Increment Financing to Encourage New Development in Downtown Winnipeg
Five new rental unit property developments will receive support from the Manitoba government and the City of Winnipeg through the Live Downtown: Rental Development Grant Program.
“A vibrant and prosperous downtown core contributes to the strength of Manitoba as a whole and our government is pleased to work in partnership with the city to advance this priority,” said Premier Brian Pallister. “Building on private-sector investment to revitalize downtown Winnipeg with quality and affordable living space in the Exchange District and on Main Street will attract more residents to the area and help local business thrive.”
The new projects receiving tax increment financing will be located at 272 Main St., 300 Main St., 104 James Ave., 109 James Ave. and 316/318 Ross Ave. More than 700 rental units are planned for these five developments, of which 75 will be considered affordable housing units.
The estimated total investment by the province and the city would be approximately $32 million based on the final values of the properties once they are complete and if the developers receive the maximum available grants for all units.
“As mayor, I’ve been a big proponent of finding ways to encourage more people to live downtown,” said Mayor Brian Bowman, City of Winnipeg. “More people living downtown inherently contributes to the overall revitalization of the area and increases demand for amenities found in other areas of Winnipeg. Making investments like this towards the future of our downtown will benefit our entire city and help foster a growing, thriving, more modern city of Winnipeg.”
Live Downtown is a self-funded, multi-year initiative using tax increment financing grants to encourage the development of new multi family, mixed-income rental housing units downtown. Tax increment financing offers grants equivalent to the applicable municipal and education taxes over 12 to 20 years.
The program focuses on increasing the number of downtown residents, encouraging the redevelopment of surface parking lots and increasing the number of rental units at a range of different prices.
“This support creates not only great and diverse places for people to live, but also creates a larger customer base to attract more businesses to the downtown,” said Angela Mathieson, CEO, CentreVenture Development Corporation. “It’s part of a comprehensive strategy to build a stronger economic foundation for the downtown.”
More information on Live Downtown is available online at http://demandlivesdowntown.ca/.
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