By early July, Economy and Innovation Minister Pierre Fitzgibbon redistributed the millions, according to documents seen by The newspaper.
In total, more than $80 million was paid to three companies in three decrees passed by the CAQ government on July 6.
The largest financial commitment will come from Investissement Québec (IQ), which will pay $43 million to Trudel Alliance, the real estate fund behind the revitalization of Place Fleur de Lys in Québec.
Revolving around a huge real estate development, this project notably envisages green areas, a hotel and 2,500 housing units that will allow 4,000 citizens to settle there. The $750 million project is expected to take seven years to complete.
It’s rare for the government to invest in a real estate project, but Quebec believes this development will revitalize this central part of the city.
“For the Quebec government, this is a business partnership with an expectation of something in return,” said Jean-Pierre d’Auteuil, spokesman for the Ministry of Economy and Innovation (MEI).
In a written statement, the Trudel Alliance said it was “delighted to have government involvement,” which will “accelerate success.”
“This government investment is made through a preferential equity investment. Ultimately, these will be bought by Trudel,” we confirmed protocol.
The company’s two managing directors, brothers William and Jonathan Trudel, bought the mall in July 2018.
Help for Kinova and Kaloom
Another decree will also award $10.5 million (C$13.5 million) in grants to Kaloom to help the company develop its products and support its commercial activities.
On its English-only website, Kaloom describes itself as a networking, analytics, and AI solutions company.
IQ is also paying $25 million in financial support, including a forgivable interest-free loan, to Kinova for its project to develop collaborative robots for industrial and medical use.
Neither Kaloom nor Kinova responded to questions from the protocol.