Targeted Redevelopment Incentive Program (TRIP)

The Municipal tax cancellation policy provides an incentive for the construction of major renovations of commercial, office, retail and mixed-use projects that lead to the significant and ongoing enhancement of the assessment base generated in Downtown.

To qualify for this funding, a project will be subject to the following criteria:

  • Projects must be located within the downtown core
  • Projects shall consist of new building construction of significant renovation with a minimum construction value of $1,000,000. (Significant renovation would include but not limited to: addition of existing floors, installation of above or below grade parking, asbestos removal, fire supression installation, universal access measures such as installation of elevators, installation of new electrical systems, facade improvements, or any combination of these elements)
  • Projects shall meet or exceed requirements of Heart of OUr City Master Plan, Downtown Area Redevelopment Place, and all applicable development and building safety codes requirements
  • Only registered owner(s) of the property, at the time of commencement of the building construction project approval, is/are eligible for the tax cancellation 

More information can be found here.