The City of Kenora now has a new by-law to encourage economic development.
Stace Gander is the director of Economic Development and Infrastructure and say the Development Contribution is aimed at luring private business to the city.
“The new Development Contribution is unique in that it targets private sector development,” explain Gander.
“All projects must provide long term benefits to the municipality. And we know that when investment happens and that employment is created the majority of the salary stays in the city for things like housing, food and entertainment.”
Gander adds that any new or existing business can apply for the new funding.
“They must be from the private sector. They must own the lands where the development will take place and it can’t be affordable housing. It’s intended not to compete with our Community Improvement funding incentive.”
The CIP already has an affordable housing component included.
LOWBREWCO is the first company to apply for the Development Contribution for it’s Brewer’s Village on Valley Drive.
They are seeking $375,000 for the $8 million project.