Index
Development Incentives
The City of Prince George offers a variety of initiatives to encourage businesses and developers to create commercial activity and development in local growth areas.
Downtown incentives and other programs are all designed to improve or revitalise the community, increase competitiveness of local companies, and spark innovation by helping small enterprises access capital and tax incentives to fuel their growth and development.
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Downtown Incentives
The downtown incentive program offers 10-year municipal tax exemptions for eligible commercial and multi-family development in the downtown area.
Other benefits for development projects in downtown Prince George include:
- Low Development Cost Charges (DCCs).
- Waived parking requirements for new developments in most of the downtown area.
- A wide variety of compatible uses, including office, hotels, housing, retail, restaurant, personal services and recreation.
The Downtown Revitalization Tax Exemption program will be discontinued on September 30, 2024. All applicable projects must be approved by the City of Pricne George Planning and Development Department and construction must be completed by the September 30, 2024 deadline.
For more information:
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Downtown Prince George Façade Improvement Grant Program
Downtown Prince George (DPG) offers the Façade Improvement Grant Program to encourage businesses in the downtown area to make improvements to their building or business frontage. To be eligible for the one-time grant, buildings must be in the Downtown Prince George C1 Zone. Businesses can receive a 25 per cent reimbursement grant (up to a maximum of $5,000) per building/project. Projects must not exceed $200,000.
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Venture Capital Programs
The Province of British Columbia offers four (4) key programs to help small businesses access capital for business start-ups and expansion. These Venture Capital Programs provide tax credits to investors making direct capital investments in BC-based small businesses or indirect investments through specialized venture capital investment funds.
Tax credits offered under the Small Business Venture Capital Act (SBVCA) and the Employee Investment Act (EIA) support up to $168 million of investment capital annually, as well as continuous access to early-stage venture capital for small businesses.
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Northern Development Initiative Trust
The Northern Development Trust is an independent economic development corporation focused on stimulating growth and job creation. The Trust works through more than a dozen funding streams and programs to help municipalities, regional districts, First Nations communities, and non-profit organisations throughout central and northern British Columbia foster economic activity.
The Trust has attracted more than $1.2 billion in new investment to the region as of June 30, 2015, and $130 million in funding has supported the development of 1,820 projects, creation of 6,189 jobs, and formation of 2,817 partnerships with 856 organizations.
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