The Downtown Incentive Program in Prince George will have some more money for projects moving forward.
City council approved changes at Monday’s meeting.
The agreement now increases the total funding available, through a $10,000 per door grant, to provide support financially for targeted projects like affordable housing, senior and students housing, mixed-use, market rental housing, and market condominiums.
Mayor Lyn Hall says it’s all about staying competitive.
“It means that we can compete with other communities throughout Canada to attract either business or attract people to come and build in our city, whether that be residential or commercial.”
The program will provide over 2.5 million dollars in funding in total over six years.
It will also result in about 250 new residential units downtown.
“It’s absolutely necessary for us to have people living downtown and drive downtown,” Hall explains.
“If we have people downtown businesses will take a closer look at developing and opening up downtown because they have a market; when you can have people living in the downtown core, they will attract business.
This agreement is part of a long-standing partnership between the City and Northern Development Initiative Trust.