Granville Island receives up to $21.7 million for pandemic recovery efforts in the Federal Budget
VANCOUVER, BC, Aug. 12, 2021 /CNW/ - When the Government of Canada approved the 2021-2022 Federal Budget, it included a Granville Island Emergency Relief Fund Extension of up to $21.7 million.
As stated in the budget:
"Emergency funding will benefit small businesses on Granville Island, which are predominately in the arts and culture, tourism, and food service industries. This will positively impact the employees of these businesses, many of whom are artists and cultural workers, or work in the food service industry, and who earn on average less than the overall workforce. It indirectly benefits Metro Vancouver by allowing Granville Island to remain an important tourist and cultural hub in Canada."
Granville Island Council Chair, Heather Deal, states, "We are so grateful for this support from the Government of Canada. This funding is critical for Granville Island's pandemic recovery and long-term success."
As one of the most successful and unique Federal waterfront redevelopments in Canada, Granville Island has been financially self-sustaining since 1979, until the onset of the COVID Pandemic, which resulted in the Federal Government providing emergency funding in July 2020 as part of Canada's COVID-19 Economic Response Plan. Revenue for Granville Island comes entirely from rents collected from direct commercial leases, and to a small extent, from fees collected from public parking.
The hardest-hit groups of the pandemic are all found on Granville Island: artists, artisans, cultural groups, non-profits, hospitality, and small, independent businesses, make up the majority of tenants on Granville Island. Some businesses have reported losses of up to 90 per cent.
The 2021 emergency funding will help cover operational costs and mandatory maintenance capital funding. Combined with support provided by the extension of the Canada Emergency Wage Subsidy (CEWS) and the Canada Emergency Rent Subsidy (CERS) programs, almost all of Granville Island's businesses have been able to sustain themselves to date.
Granville Island is Federal land and is managed by CMHC. As such, it cannot borrow money nor go into debt. It is a mixed-use creative district in the heart of Vancouver, BC.
SOURCE CMHC-Granville Island
For further information: Media inquiries: Lisa Ono | [email protected]; Cate Simpson | [email protected]
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