A new funding program has launched in Red Deer to support downtown development projects. The program aims to increase activity and growth opportunities in the Greater Downtown Area while supporting the city’s overall strategic plan.
There are five funding opportunities in the program, including:
- Facade and Storefront Improvement Rebate, intended to increase a sense of downtown pride through investment in beautification, restoration, signs, and improved security features.
- Environmental Site Assessment Rebate, which supports owners of properties that require Environmental Site Assessments before redevelopment can occur.
- Demolition of Vacant and Derelict Properties Rebate, which assists property owners with demolition costs to facilitate sale or redevelopment of their property.
- Utility Connection Fee Rebate, which supports property owners required to replace or upgrade utility connections as part of developing or redeveloping on their property.
- Residential and Mixed-Use Development Grant, which promotes the development of newly constructed multifamily residential and/or mixed-use units.
- These opportunities will contribute to a healthy, successful downtown by improving aesthetics, encouraging developers to build residential units downtown, and reducing the costs of investing in our downtown.
“These economic development programs are taking intentional actions to incent development in our downtown,” said Tara Lodewyk, Director of Planning Services. ”We recognize that downtowns are the heart of our cities and play a vital role as our communities’ business, administrative, and cultural centres.”
Property owners and developers may apply for funding from all five opportunities for a single location, pending eligibility. The first intake occurs Feb. 15 – March 15 and a second intake is planned for July 1 – Aug. 1, 2020, pending available remaining funds.
For more information and to apply online, visit www.reddeer.ca/EconomicIncentives.