Prince George city council approved changes to the Downtown Incentives Program Monday which are geared to help further revitalize the downtown area. The changes to the partnering agreement between the city and Northern Development Initiative Trust (Northern Development) will improve the existing program by providing further incentives for developers to invest in downtown housing, which will serve to attract residents to the city centre to live.
Northern development’s board of directors approved the allocation of $1.8 million and amended agreement in October in support of the development of residential housing downtown, a City priority for advancement of the city centre.
With council’s approval, the amended agreement now increases the total funding available, via a $10,000 per door grant, in order to provide financial support towards the development of targeted projects such as affordable housing, seniors and student housing, mixed-use (residential and retail), market rental housing, and market condominiums.
In total, the program will provide just over $2.5 Million in funding over six years. Full utilization of the program would result in about 250 new residential units in downtown Prince George.
“The Downtown Incentives Program is a critical tool for the City of Prince George’s on-going efforts to revitalize downtown, efforts that are now starting to pay off,” said Mayor Lyn Hall, in a press release. “Northern Development’s role in this has been vital and they have been a great partner in providing this innovative program. On behalf of council, I would like to thank Northern Development for continuing to help the city to accomplish its development goals.”
One of the first developers eligible to benefit from the enhanced Incentives Program will be A&T Project Developments. During Monday’s meeting, council also approved the partnering agreement with that company, which allows its proposed four-phase condo development to be built downtown next to City Hall.
“This enhanced partnership with the City of Prince George is a great example of what the Trust was created to do. Supporting community-led initiatives that make a real difference is at the foundation of Northern Development’s mandate,” said Evan Saugstad, Northern Development board chair. “We’ve already seen success with the program and we’re excited for the new opportunities that it can result in for downtown Prince George.”
Three projects have already benefitted from the Downtown Incentives Program:
- Townhomes – 192-198 Victoria Street
- Crescent Townhomes – 1699 – 7th Avenue
- Ketso Yoh – 140 Quebec Street
Last month, construction began on a new, nine-unit condo development at 1694 7th Avenue downtown, which is also eligible for the City’s Downtown Incentives Program and will bring more multi-family housing to the city centre.
Developers who are interested in the Downtown Incentives Program can visit the City website for a program overview and eligibility requirements. Investors can also contact Economic Development at 250.561.7633 email@example.com.