Downtown Economic Incentives

We’re working to ensure Red Deer has a strong, dynamic economy, fostered by entrepreneurship and innovation.
Downtown Economic Incentives

A new funding opportunity was created in 2019 resulting from City Council approval of eight initiatives to support a diverse local economy and vibrant downtown. Of these eight initiatives, five involved financial incentives to spur economic activity and residential development in the Greater Downtown. The rebates and grants described below were available through two intakes in 2020.

Through the program, 33 downtown development projects received funding. 11 projects are complete and construction is underway for most others. All funded projects are expected to be complete by December 31, 2021.

This incentive program has achieved the intended objectives of supporting downtown businesses to revitalize their locations, fostering safe and appealing public spaces, creating quality housing options in our downtown, and promoting a business and development friendly atmosphere in our city.

Environmental Site Assessment Rebate
Spurring Investment in Brownfield and Underutilized Sites

To support property owners of confirmed or suspected contaminated sites that are being considered for potential development a partial rebate for Phase 1 or Phase 2 Environmental Site Assessment (ESA) costs was offered.

  • Three applications were received and approved, totalling $8,900 in funding support
  • Estimated private investment leveraged from this funding is $90,000
Demolition of Vacant and Derelict Properties Rebate
Spurring Investment in Underutilized Sites

To assist downtown property owners with costs related to demolishing structures that are no longer occupied or viable for future investment or use, a partial rebate for demolition costs was offered.

  • Three applications were received and approved, totalling $65,000 in funding support
  • Estimated private investment leveraged from this funding is $3 million
  • Two high profile demolitions occurred as a result of funding from this program
Utility Connection Fee Rebate
Increasing Certainty

To support property owners who are required to replace or upgrade water, wastewater or electrical utility connections as part of developing or redeveloping on their property, a partial rebate for utility upgrade was offered.

  • Three of five applications received were approved, totalling $45,900 in funding support
  • Estimated private investment leveraged from this funding is a portion of the $2-8 million generated in conjunction with the Residential and Mixed Use Development grant
Residential and Mixed Use Development Grant
Fostering Activity in the Downtown

To promote the development of newly constructed multifamily residential and/or mixed use (commercial and residential in same building) projects in the greater downtown, a lump sum grant for new construction projects was offered.

The intent is to make it easy for residents to choose to live in our city’s core, along with increasing activity and growth opportunities for businesses in the downtown.

  • Two of six applications received were approved, totalling $300,000 in funding support
  • Estimated private investment leveraged from this funding is in the range of $2-8 million, plus an increase in assessed value of these lands
  • 15 new residential units have been added to downtown as a result of funding from this program
Façade and Storefront Improvement Rebate
Downtown Pride

To increase a sense of downtown pride through an investment in beautification and timely restoration of property, a matching rebate for façade, signage or security-related improvements was offered.

This category supports the addition of inviting and engaging storefronts that are aesthetically pleasing and help to maximize the appeal of our downtown.

  • 26 eligible applications were received and approved, as a result of Council approval to reallocate funds from undersubscribed areas of this program, totalling $325,000 in funding support
  • 10 Crime Prevention Through Environmental Design assessments were conducted on downtown properties by the Central Alberta Crime Prevention Centre through this incentive
  • Estimated private investment leveraged from this funding is $705,000

News & Notices

Public Hearing for interim shelter site

May 13, 2021

Council is seeking public feedback on the Land Use Bylaw amendment that would allow the interim shelter to continue operating at its current location until May 31, 2022.

Registration for summer programming

May 12, 2021

The City of Red Deer has been working hard to plan for the eventual return of modified summer programming amid the on-going COVID-19 pandemic.

Council approves agreement and...

May 11, 2021

Tonight at their Special Meeting, Council approved a stronger legal agreement as well as short and long-term financial support for Westerner Park.