Manitoba Government, City of Winnipeg Promote Downtown Living with More Rental Units
December 2, 2014
Province, City to Provide Tax Incentives to Encourage Development of more than 750 Rental Unity in Downtown Winnipeg
The Live Downtown Rental Development Grant Program officially launched today will promote the development of more multi-family and mixed-income rental housing units, adding to the vibrancy of the city’s centre, Premier Greg Selinger, Mayor Brian Bowman and Ross McGowan, president and CEO, CentreVenture Development Corporation, announced today.
“Resilient and exciting neighbourhoods are built on the combined diversity and strength of the people who live and work there,” said Premier Selinger. “This initiative can encourage real estate developers to turn more vacant land and under-used buildings into centrally located neighbourhoods for families. By increasing the mix of residential and commercial buildings, we can add to the vibrancy of downtown life, accelerate the energy and vigor of activities downtown at the end of the work day, decrease infrastructure servicing costs and reduce vehicle reliance.”
The agreement between the Manitoba government and the City of Winnipeg means Live Downtown is a self-funded multi-year initiative using Tax Increment Financing (TIF) grants to encourage the development of 750 to 900 new multi‑family, mixed-income rental housing units downtown. A competitive process will deliver grants equivalent to the applicable incremental municipal and education taxes over 12 to 20 years to successful proponents. The primary objectives of Live Downtown are to increase downtown population, facilitate the better and higher use of surface parking lots, and increase the number of rental units for a broader range of income levels.
“One of the commitments I made in the recent civic election was to increase the number of Winnipeggers who call downtown home,” said Mayor Bowman. “Creating a livable, active and safe downtown with housing for people of all backgrounds will mean a new focus and energy to spur more development and opportunities, and Live Downtown is a perfect example of how we can get the ball rolling.”
“Having more people live downtown is an essential ingredient to a vibrant healthy downtown, and we commend both the province and the City of Winnipeg on their commitment to ensure there is a wide range of living options,” said McGowan. “This is a rare opportunity for rental residential property developers to access a grant that capitalizes on the demand and to build where people clearly want to be – in downtown Winnipeg.”
CentreVenture Development Corporation’s mandate is to stimulate downtown revitalization by creating an environment for private-sector businesses and government to work together, and to promote the downtown to investors, businesses and residents.
More information on the Live Downtown Grant Program and request for proposals are available online at www.demandlivesdowntown.com.
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