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Applications open for business development, expansion grant program

The City of Grande Prairie is accepting applications for funding through its new Development Incentives and Grants Program. The municipality says the funding grants are tailored toward large-scale industrial and commercial developers, as well as residential builders.

The New Business Development Grant will offer up new businesses with a construction value of over $25 million decade-long sliding rebates on their property taxes. The first year of the plan will provide a 100 per cent rebate, before dropping 10 per cent per year over the remaining nine years.

The Business Retention and Expansion meanwhile will offer up help for existing businesses with a minimum of $1 million in value through a four-year tax rebate. The Business Revitalization Grant will allow a 50 per cent matching grant to a maximum of $25,000 for demolition or property improvements. There are also rebates focused on municipal fees and residential infill properties.

After the program was approved by council in June, Interim Mayor Jackie Clayton said the crux of the grant system is that it will cost very little to taxpayers, as it is primarily self-funded through the rebate program itself.

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“We truly believe in the partnership approach when it comes to economic development… if we can incentivize without having a cost impact [on] our taxpayers, that’s a win-win for everybody,” she added.

You can find more information about the grant program on the City of Grande Prairie website.

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