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City Working with NDI Trust on Downtown Development Incentives Plan

By 250 News

Thursday, January 20, 2011 08:51 AM

Prince George, B.C.- The City of Prince George plans to work with Northern Development Trust in the development of an incentive plan to drive development in the downtown.
 
The idea would see benefits provided up front to developers, rather than over time as is the current case through the Downtown Revitalization Tax exemption program. That program offers tax breaks over a certain period based on the increased assessed value of a property after construction or major renovation.
 
The new incentive package focuses on encouraging development of new market and non-market housing, commercial and mixed use development, green development, and façade improvements by providing developers with repayable loans, in an amount equal to the municipal tax exemptions they would normally get over the term of a revitalization tax exemption agreement. The incentive program concept also features a financial incentive of up to $10,000 per unit for housing established in the downtown.
 
“We know that housing is a key driver in enhancing the downtown and the concept behind this proposal helps encourage development and increased density in the downtown. Council has committed to work towards a better downtown, and this process allows us to continue towards that goal,” said Mayor Dan Rogers.
 
This program can only become possible through an agreement with NDI Trust and would be structured to spare the City taxpayers from having to carry any burden.
 
The concept would see incentives flow to developers once projects are completed.
 
“The downtown incentives program is at the conceptual stage,” says Mayor Rogers, “ and we will be engaging the public and the development community extensively as we move forward.”
 
The City’s objective is to have the new program in place this year.
 

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Posted on Thursday, January 20, 2011 08:51 AM in News by 250 News

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Comments

Comment Posted by: Retired 02 on January 20 2011 9:42 AM
Wonder when,the residents will get a tax break?
Cheers
Comment Posted by: newly retired on January 20 2011 10:28 AM
How many times have we heard this speech before. It is getting quite boring.
Comment Posted by: Slim2229 on January 20 2011 2:22 PM
Who, with a family, who probably live in a house outside of the bowl, would want to move in to the downtown, hasbeen core of the city and breathe that stinky air? I don't get it. I mean, they really think people are going to live there?
Comment Posted by: Retired 02 on January 20 2011 2:53 PM
How many times have we heard this speech before. It is getting quite boring.

Hey I didnt think there was anyone listening.
Cheers
Comment Posted by: P Val on January 20 2011 2:55 PM
It just shows how out of touch with reality ALL of our city council members have been for well over a decade if not more. They have wasted millions of dollars in the downtown revitalization and its NOT WORKING.. Stop wasting my tax dollars on this pit of dispair and start spending the money where the tax payers want it.. We hate being lied to .. How about take all that wasted money and fix our cities roads and buy a few extra pieces of snow removal equipement.. and fire all those over priced city employees.
Comment Posted by: giterdun on January 20 2011 3:00 PM
Slim2229..."Who would like to live in downtown?" Singles and couples who work in the downtown core. Hospital workers who want to live within walking distance from work. It's a different lifestyle,but you would be supprised how many people like it. Walking distance to work, shopping, entertainment. Whats wrong with that? Peacefull and quiet at nite and on weekends too. I think it would work.
Comment Posted by: Slim2229 on January 20 2011 3:11 PM
Giterdun, I can understand that and I agree that singles and couples would like to live there. What surprises me is that with all the apartments, condos, the avenues, crescents, you'd think the people that want to live downtown are already there.Do you think more will live there? Can't see it, guess I'm too shortsighted to be a business leader.
They might want to look at building some Condos and apartments out by the old BCR Site and Northwood..............
Comment Posted by: Resident on January 20 2011 3:28 PM
Maybe the incentive should be to try and keep businesses downtown instead of spending all their effort in attracting new businesses. The question should be asked. Why did the Cycle North, The Harley dealer and J&A Stereo all leave the downtown area. Lots of boarded up building and empty lots so space should not be the issue.
The fact is all their businesses have probably all grown since leaving the downtown area. As for living there.....not a chance. Maybe living downtown should be a pre-requisite when you run for city council if it is such a great place. As the other poster said quit wasting our tax dollars on the downtown, fix our roads and buy some city equipment. Do something useful for a change.
Comment Posted by: StreetWise2 on January 20 2011 4:14 PM
Go for a drive around the Crescents, there are a lot of newly built homes and vacant lots sell very quickly. I think that is proof that there is a desire for people to live close to downtown.

The biggest problem is most of the existing apartments and condos are old and run down - lino and shag carpets are not desireable to most people. Young professionals and even retirees want something more updated and modern that doesn't require updates to be done by them. They also want something the minute they decide they want it and are not willing to pre-buy a condo that isn't built yet.
Comment Posted by: Eagleone on January 21 2011 8:33 AM
$10,000 per unit paid for from my property taxes on my house... I think its outrageous socialism to try and engineer financial benefits to insiders.