Tax plan to spur downtown Winnipeg renewal

The Manitoba government andCity of Winnipeg are teaming up to provide a major tax incentive to stimulate new projects in the downtown's sports, hospitality and entertainment district (SHED).

"Downtown Winnipeg is undergoing a truly remarkable renaissance thats really just getting started," said Premier Greg Selinger.

"This plan will allow us to take full advantage of the private sector investment we are once again seeing in the downtown by investing some of the new tax revenue back into streetscape improvements.

"For Winnipeggers and visitors alike this will mean more interesting and attractive downtown public spaces that have the potential to spur further development."

The 11-block SHED encompassesthe MTS Centre, the Winnipeg Convention Centre, the Metropolitan Theatre, the Burton Cummings Theatre and the Longboat/Alt Hotel complex under construction at Portage and Donald.

CentreVenture, the city's downtown development agency,has been working on the creation of the SHED for the past two years, when it revealed plans to divide the northern section of Portage Avenue essentially from the University of Winnipeg to Portage and Main intofour distinct zones (university; retail; sports, hospitality and entertainment; and commercial).

The city and province willtake revenue from new developments and increased property valuesin the area, and reinvest it in the SHED districtto"keep the momentum going."

Ajoint Manitoba/Winnipeg/CentreVenture steering committee will adopt themaster plan for SHED and identify projects and incentives to enhance investment in thearea, such asstreetscape improvements to make thedistrict more livable and attractive.

CentreVenture Development Corp. was created in June 1999 as an arms-length agency of the city tospur downtown revitalizationthrough investment that attracts businesses and residents.