Tax Increment Financing: Downtown Surface Parking Lot Redevelopment Grant
No fixed amount
Tax Credit
Description:
A Surface Parking Lot Redevelopment Grant is payable for a development on a surface parking lot located Downtown
Comments on Funding:
Approved development projects will receive a grant equal to 80% of the incremental municipal taxes paid for a maximum of 10 years. The maximum grant per project is $2 million (aggregate of all years).
March 31, 2025
Eligibility:
Key conditions:
1. The development involves the construction of a new building on a surface parking lot in the Downtown.
2. The development includes a minimum of $10 million in capital investment from non-governmental sources, and will be financially supported by another level of government (e.g. grant, tax credit, loan).
3. The development complies with all terms and conditions of The City of Winnipeg Program By-Law, including a requirement that the project has NOT started construction before receiving approval of the grant.
Application Steps:
Applicants must apply online at Incentive grants application
Documentation Needed:
Applicants must submit:
1. Application Workbook
2. Project budget (i.e. Third-party construction budget to support the application)
3. Project drawings/architectural plans
Other Things to Note:
Eligible development project locations are:
1. The Downtown, as established in the City of Winnipeg Downtown Winnipeg Zoning By-Law, but NOT within the SHED TIF Zone as defined in By-law No. 98/2012.
2. Intensification Target Areas in Winnipeg, but NOT in Greenfield Supply Areas as described in the Heritage and Economic Development Incentive program map.
About the author
Maurice
