Following a successful first intake of the Downtown Economic Incentive funding program, a second intake will launch August 4, 2020.
The funding program, which launched in February, aims to increase activity and growth opportunities in the Greater Downtown Area, which includes Historic Downtown, Business Improvement Area (BIA), Capstone, and Railyards.
Through the first intake, $505,778 was awarded across 26 downtown development projects, including:
- Façade and Storefront Improvement Rebate: 25 projects funded, totalling $325,868
- Environmental Site Assessment Rebate: One project funded, totalling $4,000.
- Demolition of Vacant and Derelict Properties Rebate: No applications received.
- Utility Connection Fee Rebate: One project funded, totalling $20,000.
- Residential and Mixed Use Development Grant: One project funded, totalling $150,000. This project will result in five new residential units added to our downtown.
As a result of this funding, these projects are expected to leverage at least $705,000 in additional private investment in our downtown.
The scope of the Façade and Storefront Improvement rebate program was expanded following significant response. Sixteen additional projects in this category were funded through the first intake; as a result, this category is not available during the second intake.
An online application form will be available starting August 4. The deadline for applications is September 4, 2020.
For more information and to submit your application online, visit www.reddeer.ca/economicincentives.
For more information, contact:
Communications & Strategic Planning
The City of Red Deer