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.
Program Funding
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.
10-Year Tax Increment Rebate Schedule
| Year | Tax Rebate % |
|---|---|
| 1 | 100 |
| 2 | 90 |
| 3 | 80 |
| 4 | 70 |
| 5 | 60 |
| 6 | 50 |
| 7 | 40 |
| 8 | 30 |
| 9 | 20 |
| 10 | 10 |
To be eligible for reimbursement, no work is to be performed until a Reimbursement Agreement is entered into with the City. Work that has commenced prior to City approval is not eligible for reimbursement. Applicants are responsible for reviewing the Eligibility Criteria below prior to submitting an application.
Questions
Any questions or inquiries can be made to the Program Coordinator at businessincentives@cityofgp.com or 780-513-5240.