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Medicine Hat sweetens incentives

The City of Medicine Hat is trying to spur on downtown redevelopment with a new incentive program. The program consists of incentives available to downtown property owners to assist them to redevelop or initiate new developments in the city centre.

The City of Medicine Hat is trying to spur on downtown redevelopment with a new incentive program.

The program consists of incentives available to downtown property owners to assist them to redevelop or initiate new developments in the city centre.

As part of the city's downtown redevelopment plan, recommendations and suggestions came forward regarding improvements, including how to deal with vacant and dilapidated structures. City officials say there are several features to enhance the beauty of the area and entice both visitors and residents to explore unique shops and eateries located throughout the core.

"The Downtown Development Incentive Program was created to provide financial support to downtown property owners to assist with redevelopment of old buildings and former retail sites, upgrading of living space above the lower storefront or development of new spaces on currently vacant sites," said Abdul Khan, commissioner of development and infrastructure for the city.

Property owners can now access up to $50,000 for major renovations or new construction of a commercial building in the downtown.

As well, property owners can access up to $100,000 for redevelopment or new construction on a multi-family project with a minimum of six suites.

Property owners can also apply for up to $10,000 to develop a residential living space connected to their commercial building. Additional funds are available for up to two more suites on the property if space permits.

The program also offers interest-free loans up to $100,000 to assist with redevelopment or new development in the downtown.

"We have had lots of interest in the concept since city council approved it earlier this year so we are expecting it to be popular with downtown business and property owners," said Keith Crush, the city's business development officer.

–- Compiled by Dave Husdal


from Western Investor July 2011