Downtown Prince George is home to eight brand new townhomes, in part thanks to the city’s Downtown Revitalization Tax Exemption and Incentives Program.
InVestgo’s Crescent Townhomes are among the first new developments in Prince George’s downtown core in some time. The eight units, which all include three bedrooms and doublecar garages, were in part built with the help of a partnership established between the City of Prince George and Northern Development Initiative Trust in 2011.
That partnership, a tax exemption and incentive program, was designed to encourage new market and non-market housing, commercial and mixed-use development, green development and facade improvements. The program provided developers with repayable funding in an amount similar to the municipal tax exemption they would normally receive over the term of a revitalization tax exemption agreement.
Gordon Bliss, president of InVestgo Ventures Ltd., a residential development company focused on Prince George, called the program one of the most innovative concepts out there.
“It helped our project to move forward as we could use the tax incentive money as equity with our financial institution,” said Bliss. “This incentive also allowed us to upgrade the look of the buildings inside and out and still offer the units at a favourable price. By all accounts and comments, viewings have been positive and complimentary of our efforts to bring living downtown a reality.”
[quote by=”Shari Green” position=”Mayor” company=”City of Prince George”]These new town homes are proof that partnerships and collaboration in our city can drive new investment and revitalize the heart of Prince George[/quote]
Bliss added that he would like to do more such projects downtown.
City of Prince George Mayor Shari Green also recognized the positive impacts of the project.
“The partnership between the City of Prince George and Northern Development Initiative Trust was designed to reinvigorate our downtown and we’re seeing those results now,” said Green. “These new town homes are proof that partnerships and collaboration in our city can drive new investment and revitalize the heart of Prince George.”