WINNIPEG -- The Manitoba government will contribute $11.9 million through tax increment financing to support phase one of the Railside at The Forks development.
At a news conference Wednesday, CEO of The Forks-North Portage Paul Jordan described the province’s contribution to the project as important for the continued evolution of a “residential village” on the last 14 undeveloped acres at the Forks.
“Not only will the introduction of this new, mixed-use development be a noteworthy public space in North America, this is a step in fulfilling our mission statement and a step toward giving the community what it wants to see here, and that’s high-quality, accessible public spaces,” said Jordan in a news release.
A key component of the development is the construction of about 340 residential units, main floor retail and services as well as public piazzas and park-like spaces among the buildings.
The province’s contribution is earmarked for site clean-up of the former Canadian National railyard and for completion of required archeological investigations.
Jordan said the more-than 5,000 year history of The Forks as a gathering place is a key consideration in the development plan.
“We’re under an archaeological permit. We need to tell those stories. There’s some exciting stories in the ground,” Jordan said.
Economic Development and Training Minister Ralph Eichler called The Forks one of Manitoba’s significant cultural and tourism amenities.
“The new Railside development will create an even more inviting atmosphere at The Forks that will encourage visitors to explore and discover,” said Eichler.
The release describes tax increment financing as a financing tool that governments use to encourage economic growth and development through incremental tax revenues created by significant new developments.
