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PRESS RELEASE: Council approves first SPRUCE grant to foster Economic Development and encourage Rental Unit Construction
PRESS RELEASE
FOR IMMEDIATE RELEASE
Council approves first SPRUCE grant to foster Economic Development and encourage Rental Unit Construction
STONEWALL, April 25, 2019 – The Town of Stonewall Council has approved its first grant under the SPRUCE Program made by Stonewall Developments Inc. (which is a subsidiary of Ventura Developments Inc.) for the development of a 33 unit apartment complex. The Stonewall Program for Rental Unit Construction and Expansion (SPRUCE) is an economic development initiative designed to promote the creation of residential rental units in Stonewall.
"We commend Ventura for their application to the Program. Council was extremely happy to see progress on the development of rental units in Stonewall," stated Mayor Hinds.
This exciting development opportunity was advanced because of the Town of Stonewall's Economic Development Incentive Program (SPRUCE) that was recently announced by Mayor and Council.
Ventura's Vice President of Development Tim Comack commented, "Their visionary leadership should be commended for addressing the rental housing shortfall, and creating a program to encourage this large investment within the community. This project wouldn't have been possible without the visionary leadership behind the SPRUCE program."
"The need for rental units has been an issue in Stonewall for a long time," said Mayor Hinds. "With this project we have started to address a major concern in our community."
For further information please contact:
Wally Melnyk, CAO
PH: 204-467-7979 |Email: wmelnyk@stonewall.ca | website: www.stonewall.ca