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Money for Main Street

May 12, 2010

City offers financial incentives to revitalize property

The City of Edmonton will reimburse property owners in “main street” commercial areas who revitalize their property to make the areas more attractive, vibrant and pedestrian-friendly.

Properties in some commercial areas of Alberta Avenue, Beverly, Chinatown & Little Italy, Inglewood, North Edge (107 Avenue), Old Strathcona and Stony Plain Road & Area will be eligible for a range of grants.

The money will be earmarked for new development, redevelopment, and conversion of properties for higher density residential, retail and commercial development, as follows:

• up to $15,000 for interior improvements of retail and commercial buildings;
• up to $40,000 for new retail and commercial development;
• $7,000 per new dwelling (to a maximum of 36 units) for multi-unit residential development;
• $12,000 per new dwelling (to a maximum of 36 units) for multi-unit residential development that is combined with retail and commercial uses.

“The Development Incentive Program will encourage reinvestment in Edmonton’s main street commercial areas,” says Peter Ohm, Manager of the Planning and Policy Branch. “The program is intended to make these business areas more vibrant and pedestrian friendly, as well as improve the architectural and landscape features of the properties.”

“It will complement our very successful, award winning, Façade Improvement Program,” he adds, “which has already contributed to revitalizing some of our older retail and shopping areas.”

Edmonton City Council approved the Development Incentive Program as a pilot project at the end of November 2009 with a maximum of $2 million in grants for this year’s budget. The program is now ready to receive applications from interested property owners in the designated Business Revitalization Zones.

Property owners are encouraged to go to the program’s website or call the Program Manager, Jeff McLaren, at 780-495-0977. An Open House for the program is being held May 18, 4-8pm at City Hall.

“The City of Edmonton’s Development Incentive Program meets Council’s vision to transform our urban form,” adds Ohm. “The vision is achieved through financial incentives such as this one, as well as through our numerous planning initiatives and public infrastructure developments throughout the city.”