Province supporting WestVic Common development
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Hey there, time traveller!
This article was published 06/03/2021 (1704 days ago), so information in it may no longer be current.
The provincial government is supporting the WestVic Common development in the West End by providing a rebate of up to $5.8 million over 20 years through the Manitoba Works Capital Incentive.
Twelve acres of property at 3409 Victoria Avenue in Brandon, which used to be the location of Zellers, is being developed to house 3,065 square metres of new retail space while 10,870 square metres of existing retail and professional space is being redeveloped.
The rebate will support the remediation, redevelopment and expansion of the space.
“The Manitoba Works Capital Incentive encourages businesses to invest and expand in our province by creating a competitive tax environment to help diversify Manitoba’s economy,” stated Economic Development Minister Ralph Eichler in a release. “Manitoba is open for business and is recognized as an attractive destination for private investment by companies from across the country and around the world. This project will create jobs and encourage further economic development in the Westman region.”
The Manitoba Works Capital Incentive program was introduced in May 2020 as a new approach to tax-increment financing that provides a rebate for the incremental education property taxes on a project for up to 20 years.
Businesses interested in establishing or expanding their operations in Manitoba can apply for the program if they are prepared to make a minimum capital investment of $10 million to a single property for which at least 65 per cent of project costs come from private sources and there is the potential to create and or maintain at least 10 jobs.
» The Brandon Sun