Developer's Toolbox

Downtown Residential Development Grant Program

Program Overview
The Downtown Residential Development Grant program provides grants of up to $40,000,000 to
help leverage multiple-family residential or mixed-use development in Winnipeg’s downtown.

- This program is guided by the Province of Manitoba’s Community Revitalization Tax
Increment Financing Act (2009) and the City of Winnipeg’s Downtown Residential Development Grant Program Bylaw 61/2011; and
- Grants are available for both condominium and rental development.

Program Description
The program provides grants to qualified developers for the development of:

- New residential or mixed-use buildings;
- Redevelopment of existing vacant residential or mixed-use buildings;
- Conversions of non-residential buildings to residential or mixed-use buildings.

Grants are generated by the incremental taxes redeveloped property produces;
Incremental taxes = Post Development Taxes - Pre-Development Taxes.

Condominium developments will receive the incremental taxes their property generates for a period of 10 years, rental projects will receive their incremental taxes for 15 years;

Program applicants have the choice of receiving an annual grant each year for either 10 or 15 years (condominium/ rental) OR can receive the grant in a lump sum representing the net present value of the full amount of the grant;

Grants are acquired by project applicants no earlier than September 1st after the date of
project completion when the development has obtained its final occupancy permit(s) and
the property has been assessed.

Project Criteria

The property must exist within the boundary of the Downtown Zoning Bylaw 100/2004;
The applicant must own the property or have been issued a conditional approval on the
property;

Projects have to fall under one of the following categories:

- The development of a new multiple family residential or mixed-use building
(minimum of 4 residential units);
The redevelopment of an existing multiple family residential or mixed-use building
that is vacant (minimum 4 residential units);
- The addition of residential units(s) to an existing building (minimum 1 residential
unit);
- The conversion of a building without an existing residential component to either a
multiple family residential or mixed use-building (minimum of 4 residential units).

Program Process

1. Contact CentreVenture for an application, application it to be submitted back to CentreVenture;

2. CentreVenture will review the project forwarding the application to the City of Winnipeg
who will provide the applicant with Conditional Approval of the project – at this time a grant
estimate is provided to the applicant;

3. The City and applicant sign a legal agreement outlining details of grant commitment and
conditions of eligibility;

4. The applicant has one year after the receipt of Conditional Approval to obtain a building
permit;

5. A final occupancy permit which represents project completion must be obtained within 4
years of Conditional Approval;

6. After completion, the project will be assessed where the real value of the grant is
determined;

7. Grants will be paid to the applicant no earlier than the September 1st after project
completion.

8. If critical dates are not met and Conditional Approval expires, the project will no longer be
eligible for a grant and deposits will not be refundable.

Contact Information

CentreVenture Development Corporation
492 Main Street
Winnipeg, Manitoba R3B 1B7
204-954-7733

Or via email:
martin@centreventure.com or shewchuk@centreventure.com

Disclaimer

If a discrepancy exists between this information sheet and the Community Revitalization Tax Increment Financing Act (2009) or the Downtown Residential Development Grant Program Bylaw 61/2011, the
latter two documents will prevail.