New Business Development Grant

Overview of the New Business Development Grant program:

The New Business Development Grant is an incentive to attract investment in industrial and commercial development with the goal of diversifying our economy, stimulating building activity, and supporting local employment in Grande Prairie. It is a 10-year annual rebate equal to 100% of the general municipal tax portion of the Incremental Assessed Value of the property in the first year, decreasing by 10% annually for nine additional years.

Benefits of the New Business Development Grant program:

• 10-year annual rebate equal to 100% of the general municipal tax portion of the Incremental Assessed Value of the property in the first year, decreasing by 10% annually for nine additional years.

Eligibility criteria of the New Business Development Grant program:

• To be eligible to apply for this grant, the project needs to be a new large-scale commercial or industrial development with a taxable assessment increase of over $25,000,000. No construction can be performed prior to signing a Reimbursement Agreement with the City.
• To be eligible for a New Business Development Grant or Business Retention & Expansion Grant the applicant must meet the following requirements:
• A) Be the property owner(s) or that persons legal representative;
• B) Submit a proposed eligible project for a new industrial or new commercial development within the City;
• C) Meet any applicable, additional application requirements as specified by the DIG Program review committee.