Council signed off on an addendum to an agreement with Northern Development Initiative Trust made in August.
The city created a 10-year tax exemption program for new developments downtown. Under the agreement signed last month, Northern Trust can provide developers with an upfront payment for the value of that tax exemption.
"It's great, innovate thinking and we've already seen some development in the downtown because of it," Coun. Cameron Stolz said.
The addendums clarify the agreement between the city and Northern Trust, specify the payments are to come from the City of Prince George allocation of the trust and be repaid to the same account. City council has discretional authority over the funds in the allocation.
"We're really pleased tobe partnering with you on that, and providing that experience to other communities," Northern Development CEO Janine North said. "Other communities could use their funds to provide a downtown incentive."
