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Province promises $29 million in tax financing for Portage Place mall redevelopment

from CBC News

Province promises $29 million in tax financing for Portage Place mall redevelopment CBC News The sale and redevelopment of the Portage Place mall has received a boost from the Manitoba government in the form of a promise of $28.7 million in tax increment financing. Tax increment financing, or TIF, is a funding mechanism that uses future property tax revenue to stimulate development. The financial support from the province for the redevelopment of the downtown mall will be in education property tax rebates, spread over 20 years. READ MORE

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