City development incentive program reallocates funds to support business demand
Back to Search
Medicine Hat – Within days of accepting applications for the 2022 development incentives on April 1, 2022, the Waterfront District Vibrancy Incentive was fully subscribed. As a result of the business interest in this opportunity, the City of Medicine Hat has reallocated unused funds from the 2021 Waterfront District Housing Incentive to support this demand.
“The business community responded very quickly to the Waterfront District Vibrancy Incentive and we anticipate that these reallocated funds won’t last long,” says Rochelle Pancoast, managing director, Strategic Management and Analysis, City of Medicine Hat. “We’re happy to adjust to demand from our local business community and to continue to support downtown vibrancy.”
Online applications for the Waterfront Vibrancy Grant will reopen on Monday, June 13 at noon and will be processed on a first-come, first-served basis. Applications can be submitted online at www.investmedicinehat.ca and are time-stamped to ensure each application is processed in the order in which it was received.
The Waterfront District Vibrancy Incentive is designed to provide financial assistance to property owners undertaking commercial property improvements that add to the Waterfront District's vibrancy and livability. The City wants to encourage development and redevelopment in the community and incentives are an effective way to stimulate investment, create jobs, and support targeted economic growth that would not have otherwise occurred.
The 2022 adjustment will reallocate $750,000 unused funds from the 2021 Waterfront District Housing Incentive program to the 2022 Waterfront District Vibrancy Incentive. The reallocation is expected to have a positive impact on the assessment base and the local economy, as the Waterfront District Vibrancy Grant amount must be matched by a qualified investment by the owner of the business or building. Based on the 2021 Waterfront District Vibrancy Incentive program, business owners' contributions often exceeded the capped $50,000 investment provided by the City.
In 2021, the City’s Waterfront District Vibrancy Incentive program supported the following local businesses: ACE Hardware, Casa Amigos Restaurant, Couture Hair, EBT Chartered Professional Accountants, Fashion Kare Dry Cleaning, Local Public Eatery, Mainliner Pub, Moose and Squirrel Artisan Village, and The Post. A full list of the 2021 recipients is available on the Invest Medicine Hat website and a complete list of 2022 recipients will be published once all applications are fully approved and paid.
2022 development incentives include:
To apply online or see the full program descriptions and criteria, visit investmedicinehat.ca.
- 30 -
Media inquiries, please contact:
Subscribe