Economic Undertakings

Incentive funds reallocated to promote the dynamism of the downtown area

$750,000 was left unspent under the Housing Incentive in 2021, and this total amount will be carried forward into the Dynamism Incentive. The housing incentive for 2022 will still have its full allocation of funds. Pancoast says adding the unused funds will nearly triple the amount the dynamism incentive would have already had this year.

Companies can request up to $50,000 and will be matched by Invest Medicine Hat. The dynamism incentive aims to provide financial assistance to businesses or owners who undertake improvements in their spaces.

Pancoast says being able to share these funds will drive positive economic impacts across different sectors.

“We see the opportunity to have an elevator for the broader vibrancy and look and livability in this downtown, but also the expense and economic benefit and spinoff,” Pancoast said. “We will have advantages over immediate ownership by tapping into trades, contractors and other sources of opportunity.”

Dayna Felesky is a business development consultant with the City of Medicine Hat and says companies who applied have taken full advantage of every dollar provided.

“It’s wonderful to see these projects come to fruition,” says Felesky. “We’re seeing our candidates match that and spend way more than that, and it’s making a wonderful impact in our downtown.”

Waterfront businesses will have to decide quickly if they want to take advantage of the incentive. Apps will reopen on June 13 and will be handled on a first-come, first-served basis.