SAINT JOHN (GNB) – Downtown New Brunswick will receive a yearly grant of $500,000 in support of eligible business improvement areas across the province.
The business improvement areas of downtowns were initiated in the mid-1980s and are administered through the Business Improvement Areas Act. Currently, there are 24 such areas in the province with an annual budget of about $3 million and a total assessment base for downtowns of more than $1.88 billion.
“Our downtown cores focus on cultural activities, heritage preservation, tourism promotion, festivals and events, shopping, dining, safety, beautification, and civic pride,” said Local Government and Local Governance Reform Minister Daniel Allain. “A vibrant downtown attracts new businesses and people into the region while creating employment opportunities.”
Business improvement areas are the only entities that focus solely on downtown areas and represent all downtown business interests. Allain said for every dollar spent in these areas, $6 of economic development is generated.
“They are the purest form of economic development as the non-residential and commercial property owners levy themselves on the assessed value of their property and that levy is returned to the organization for their operations,” he said. “We will continue to work with Downtown New Brunswick, municipal associations, and other stakeholders to explore ways to support development. Collaboration is key in identifying priorities for urban areas.”
“Downtown New Brunswick is very pleased with the allocation of funds from the Province of New Brunswick, our partner in the success and sustainability of our business improvement areas,” said Trina MacDonald, organization president. “We and our members are champions and stewards of local business, and we appreciate the province and department recognizes the positive impact of our business improvement areas on our economy. This contribution, combined with our levy of private funds will provide a significant boost to our urban centres.”
Access to funding will be co-ordinated through Downtown New Brunswick and additional information will be shared with their members in the coming days.
03-05-23