Created by Winnipeg City Council in 1999, CentreVenture Development Corporation is the duly constituted authority that provides leadership in creating and sustaining business opportunities and economic growth in downtown Winnipeg.
CentreVenture Development Corporation develops, supports and nurtures a climate of cooperation and participation with existing and potential investors, businesses, renters, arts groups, all levels of government and all citizens of Winnipeg to achieve the economic, physical and social revitalization of downtown Winnipeg.
The CentreVenture mandate is to lead and encourage business investment and development downtown, and enhance the use of heritage buildings and land in the downtown area.
To stimulate capital investment in the conservation and reuse of historical buildings in the heart of Winnipeg, CentreVenture offers a Downtown Heritage Tax Credit Program. Open to building owners and long-term tenants, the tax credit is awarded on the basis of 50 percent of the net eligible private investment, to a maximum of $250,000. Credits may be used for up to 10 years to reduce property, business and, where applicable, amusement taxes levied by the City on a building and its site.
The CentreVenture Downtown Capital Grant Initiative is also available to assist projects to repair, preserve and/or restore a designated structure’s heritage character, architectural elements and detailing. To qualify, a building must be on the City’s Building Conservation List, have a minimum vacancy rate of 75 percent and have no municipal taxes outstanding. Grants are limited to no more than 50 percent of total eligible project costs, to a maximum of $50,000.
To stimulate innovative initiatives that will attract new investment, occupants and/or uses for designated heritage structures in Winnipeg’s downtown, CentreVenture offers the Heritage Economic Development Grant. Priority is given to proposals that focus on initiatives that will foster innovation and stimulate conservation and adaptive reuse of heritage buildings, such as feasibility studies, or projects to demonstrate heritage conservation and conversion techniques. CentreVenture will cost share or provide matching funding of approved costs, to a maximum of $25,000, to eligible projects.
CentreVenture, through its role as a Development Bank, works in partnership with the City of Winnipeg’s Property and Development Department to facilitate the sale or redevelopment of surplus city-owned properties and heritage buildings.