Forks Railside project gets tax financing OK from Winnipeg councillors

Slowly but surely, The Forks is moving closer to breaking ground on the first phase of itsRailside development project.

The City of Winnipeg's executive policy committeevoted unanimously Tuesday to approve up to $7.9 million intax increment financingfor the mixed-use developmenton one of the surface parking lots at the national historic site.

The plans include a numberof low-rise buildings, with more than 300residential units and retail outlets on the main floors.

Under tax increment financing,future increases in property taxes from a designated area are allocated to pay now for improvements within that area.

The city's decision follows one from the provincial government, which agreedlast December to forgo up to $11.9 million worth of future property tax revenue in favour of the project.

The Forks has been working on the project since 2012.

Clare MacKay, the vice-president of strategic initiatives with The Forks, says the decision by EPC to agree to the financing is a "fantastic step" onthe long road to seeing the start of construction for the development.

"We will be looking at archeology, we'll be looking at geothermal. Those are the first steps we are taking," MacKaysaid.

The final development plans are still to be determined and The Forks is working with Manitoba's Heritage Resources Branch to review the archeologicalstudies that have already been completed on the site.

'Non-sexy stuff'to be done

One of the unknowns for the projectis what was left underground by the railroads that once were at the site. Some significant cleanup could be required before foundations are dug out.

"That's one of the big things on this site," MacKay said."It was a railyard for a lot of years, so the environmental [assessment] needs to be done."

The Forks is also working with the Canadian Federation of Municipalities to determine what a reasonable setbackfrom the existing rail lines alongside the propertywould be for the project.

MacKay says if everything goes according to plan, The Forks could begin construction sometime next year.