RebateN/A

Plus 15 Fund Offset Program

The Plus 15 Fund Offset Program offers financial incentives to promote new residential development downtown. This program applies within the boundary of the Plus 15 area.

Offered by Development (City of Calgary)

Amount

Up to $1 million

Reimbursement of the full amount of the contribution made to the Plus 15 Fund, to a maximum of $1 million per project, payable upon issuance of an occupancy permit

Quick eligibility check

Years in business
No minimum stated
Employees
No limit stated
Revenue
No limit stated
Legal structure
No requirement stated
Location

Who can apply

The Plus 15 Program is open to:

  1. Projects located within the Plus 15 boundary, as shown in Appendix A;
  2. Project proposes new residential uses (as listed in the Residential Group of Schedule A to

Land use Bylaw 1P2007), excluding hotels;

  1. Projects that are, or are anticipated to be, required to contribute to the Plus 15 Fund as a

condition of a development permit for the project; and

  1. Projects where development has not commenced prior to May 1, 2024.

The criteria below will be considered in evaluating applications to the Plus 15 Program:

  1. Site is located within the Plus 15 boundary (Appendix A).
  2. Project proposes new residential uses (as listed in the Residential Group of Schedule A to

Land use Bylaw 1P2007), excluding hotels OR new mixed-use development with a significant residential component, excluding hotels.

  1. The project is comprised of a minimum of 80% Residential Uses, excluding Hotel
  2. The project is, or is anticipated to be, required to contribute to the Plus 15 Fund as a

condition of a development permit for the project.

  1. Development must not have commenced prior to May 1, 2024.
  2. Number, type, livability and affordability of new residential projects and units.
  3. Standing and reputation of the applicant and/or property owner with The City of Calgary.
  4. The financing of the project, including additional applied for incentives.
  5. The track record of the applicant, property owner, and or consultant/advisor team in

successfully completing similar large-scale construction projects in dense urban areas.

  1. Anticipated timeline for completion of the project.

4.2 Post Reimbursement Criteria

The project must not be converted to a non-residential use or hotel, for a minimum of 10 years.

About the funding

The Plus 15 Program is offering a reimbursement for contributions made to the Plus 15 Fund in accordance with an approved development permit for new residential projects, excluding hotels.

The incentive amount will be for the full amount of the contribution made to the Plus 15 Fund, to a maximum of $1 million per project. No interest will be paid on the original fund contribution amount.

3.4 Reimbursement Timing

The reimbursement will be payable upon issuance of an occupancy permit.

Show all funding details

If the proposed project is phased, the proportionate amount of funds may be reimbursed upon issuance of an occupancy permit for each phase, as shown on the phasing plan within the approved development permit, and as outlined in a Funding Agreement. The reimbursement amount and calculation methodology will be at the sole and exclusive discretion of the Director.

Reimbursement will be payable upon:

  1. fulfilment of the terms of the Funding Agreement;
  2. receipt of proof of payment to the Plus 15 Fund (receipt of payment through City

Cashiers); and

  1. issuance of an occupancy permit.