Northern Development’s role in the revitalization of Downtown Prince George took another step forward this month thanks in part to $250,000 in grant funding approved for an enhanced façade and placemaking initiative.
The project is unique and can be replicated in other municipalities throughout Northern B.C., and builds on the success of the Downtown Revitalization Tax Exemption and Incentives program the Trust launched in partnership with the City of Prince George in 2011.
That partnership is designed to encourage new market and non-market housing, commercial and mixed-use development, green development and facade improvements.
The program means developers in Downtown Prince George can choose to access a lump sum payment once their project has reached the occupancy stage to offset their capital costs.
The payment is aligned with the equivalent municipal tax exemption a developer would receive over the term of a standard revitalization tax exemption agreement.
By accessing the early benefit, the developer’s annual tax payments are paid back to Northern Development through the city for the duration of the equivalent tax exemption period, which can be up to 10 years.
The program resulted in the development of eight new townhomes in the downtown area in 2012 and 2013.
Gordon Bliss, president of InVestgo Ventures Ltd., which built the townhomes, said in 2013 the program was one of the most innovative concepts out there.
“It helped our project to move forward as we could use the tax incentive money as equity with our financial institution,” said Bliss at the time. “This incentive also allowed us to upgrade the look of the buildings inside and out and still offer the units at a favourable price.”
The program also provided funding for the construction of several brownstone-style townhomes and façade upgrades to the Scotiabank building, both of which are located on Victoria Street.
Since then, the program has been made available to communities throughout the region.
The Trust’s decision in July to approve $250,000 for a new enhanced façade improvement and placemaking initiative will further speed up revitalization efforts in Downtown Prince George.
The project is well timed to help prepare the downtown area to welcome thousands of new visitors to Prince George in 2015 for the Canada Winter Games, 100th anniversary of the city, 25th anniversary of the University of Northern British Columbia, the BC Chamber of Commerce AGM, the North Central Local Government Association AGM and Conference and the 10th anniversary of the Trust, among other events.
The Placemaking Enhancement Initiative includes an enhanced façade improvement grant program, the installation of branded welcome signage and public art.
These elements will be developed in collaboration with other City of Prince George and Downtown PG initiatives including wayfinding signage and landscaping.
The additional funding is designed to execute a uniform vision for downtown Prince George to maximize the city’s 2015 opportunities, but, should it be successful, it could serve as a model for a similar enhanced program in other communities throughout the region.
Quotes:
“This initiative is a catalyst that will boost economic development in downtown Prince George in time for the 2015 Canada Winter Games and a host of other significant milestones for the city and region as a whole,” said Evan Saugstad, Chair, Northern Development Initiative Trust.
Quick Facts
• In July, Northern Development’s board of directors approved $250,000 for an enhancement façade and placemaking initiative for Downtown Prince George
• The initiative includes an enhanced façade improvement grant program, the installation of branded welcome signage and public art
• In 2011, the Trust partnered with the city to deliver the Downtown Revitalization Tax Exemption and Incentives program to encourage new development and façade improvements in the downtown area That program has resulted in 12 new townhomes and a major façade improvement
• The Downtown Revitalization program means developers in Downtown Prince George can choose to access a lump sum payment once their project has reached the occupancy stage to offset their capital costs.
Contact
Joel McKay
Director, Communications
Northern Development Initiative Trust
joel@northerndevelopment.bc.ca
250-561-2525
