Rendering of the new Innovation Centre (Red River College)
Members of the federal and Manitoba provincial governments joined Paul Vogt, president and CEO of Red River College (RRC), to announce support for the construction of a new $95.4-million Innovation Centre at RRC’s Exchange District Campus.
The College will use government and private-sector funding to develop the new Centre designed to bring together industry, students, instructors, researchers and community members and ultimately attract 1,200 students to the Exchange District and stimulate growth in the historic part of downtown Winnipeg.
It will to work on the commercialization of projects for start-ups and SMEs.
Of the $95.4-million investment, $40.6 million will come from the federal government and $54.8 million from the College, which is launching a major fundraising campaign. Manitoba is supporting the Innovation Centre through a loan guarantee to RRC for up to $54.8 million. This guarantee will help move the project forward by enabling RRC to secure a better interest rate on its project financing as it implements its fundraising campaign.