The Province of Manitoba and the City of Winnipeg have unveiled tax increment financing support for efforts to attract investment in the renewal of downtown Winnipeg, Canada.

The announcement aims to help CentreVenture secured public and private investment in the development of a sports, hospitality and entertainment district (SHED) in the city.

Working in conjunction with the city and provincial governments, a steering committee is to draw up a masterplan for SHED and identify projects that will stimulate new investment.

Tax incremental financing will enable the use of increased property value generated through "significant" developments to finance other projects that will deliver economic benefits.

Winnipeg mayor Sam Katz said: "By supporting the development of a sports, hospitality and entertainment district, we can help turn our downtown into a destination all on its own."

Ross McGowan, president and CEO of CentreVenture Development Corporation, added: "We will continue to work closely with the province and the City of Winnipeg to ensure that the full benefits and opportunities are realized in our sports and entertainment district."

Details: www.gov.mb.ca