City Council Approves New Development Incentives and Grants to Grow Investment in Grande Prairie. On June 14, City Council approved a new economic development program called the Development Incentives and Grants Program designed to provide a long-term benefit to the community by creating economic stimulus and support investment in Grande Prairie.

The program consists of three incentives and two grants that support strategic investment in industrial, commercial, and residential areas. The program will also expand the tax base over 10 years.

Grant/Incentive About Business

New Business Development Grant - 10 Year Tax Increment Rebate for new business development with a construction value over $25 million. Rebate year 1 = 100%, decreasing 10% annually for 9 additional years.

Business Retention & Expansion Grant - 4-year Tax Increment Rebate for improvements that increase assessed value by a minimum 25% with a minimum of $1 million construction value. Rebate year 1 = 100%, decreasing by 25% annually for 3 additional years.

Business Revitalization Grant - 50% matching grant to a maximum of $25,000 for demolition or property/building improvements. Minimum hard costs of $10,000.

Residential

Residential Infill Grant - $15,000 per lot, maximum of 2 per builder, for residential infill that maintains or increases the residential density. Minimum construction value of $200,000.

Municipal Fee Rebate - Rebate of 100% of municipal fees to a maximum of $10,000 for permits within Engineering, Inspections, and Planning. Maximum 2 per builder.

The $10.5 million program is primarily self-funded through a rebate program and does not impact the City’s budget. Approximately $1.3 million is reallocated from existing economic development grants and incentive programs to maximize overall impact on investments in the community. Applications for the programs are expected to open in summer 2021. 

Information provided by the City of Grande Prairie