Plan to entice people to The Exchange proceeds
July 2013
The city is one step closer to committing almost $4 million in future taxes to entice residents for The Exchange/Waterfront area after recent condo sales fell below expectations.
A report approved by the city’s downtown development committee Monday calls for $3.89 million in funding and a loan guarantee of up to $7.785 million for Centre Venture Development Corp. to administer the initiative.
If approved by council and the province, the project is expected to net $17 million in tax revenue for the governments, after their investments are removed.
The project would also seek to entice retailers and a grocery store, potentially with additional financial incentives.
http://www.economicdevelopmentwinnipeg.c...o-entice-people-to-the-exchange-proceeds
Tax incentives? Expectations for all the new condo developments seem to be falling below expectations.
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