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.
The following downtown and multi-family housing 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.
Download the Development Incentives brochure to learn more [PDF]
The downtown incentive program offers 10-year 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.
Learn more about commercial real estate in Prince George
Multi-Family Housing Incentives
The City offers development incentives for multi-family residential developments located in Primary and Secondary Growth Areas in Prince George.
Incentives for developments in Primary Growth Areas include:
- A 10-year tax exemption.
- Waiver of DCCs for Non-Profit Housing Units.
- Reduced DCCs ($229 per unit) for Low Environmental Impact projects.
Incentives for developments in Secondary Growth Areas include:
- A 5-year tax exemption.
- Waiver of DCCs for Non-Profit Housing Units.
Learn more about Housing Incentives
Downtown Business Improvement Association Façade Improvement Program
The Downtown Business Improvement Association (DBIA) offers the Façade Improvement 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.
Learn more about the DBIA Façade Improvement Program
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.
Learn more at the Northern Development Initiative Trust website
Competitiveness Consulting Rebate
The Competitiveness Consulting Rebate program provides a rebate to small and medium-sized companies engaged in manufacturing, innovative technologies, resource processing, transportation and distribution as well as their first-line suppliers for outsourced consulting services.
Applicants can recover up to 50 per cent of the cost of external business consulting projects (up to a yearly maximum of $30,000). Projects must focus on increasing productivity, new or incremental revenues, profitability and/or job creation. Eligible companies must be privately owned and have headquarters within the Northern Development Initiative Trust region.
The Community Revitalisation program is an aggressive incentive program aimed at forming partnerships between communities and the Northern Development Trust to encourage new development and redevelopment in central and northern BC. This program differs from the revitalisation tax exemption programs currently available in the region, as it provides an immediate financial incentive for developers.
The Community Revitalisation program encourages developers to invest in downtown or community renewal projects, including:
- New market and non-market housing
- Commercial and mixed-use development
- Green development
- Façade improvements
Municipalities have the ability to develop a revitalisation tax exemption bylaw that addresses its unique vision for attracting investment and increasing the tax base of the community.
In 2011, the City of Prince George entered into a partnership agreement with the Northern Development Trust, taking leadership as the initial municipality to use the Community Revitalisation program.
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 specialised 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.