Chestermere introduces tax breaks to encourage development
Council hopes the incentive will help fill some vacant lots
The City of Chestermere is introducing a big tax break to try to encourage economic development.
On Wednesday, the municipality just east of Calgary announced it will offer a tax reduction for new building construction if the buildings are developed and occupied quickly.
Developers who apply to build a property and take occupancy within two years of receiving their permit will get the benefit.
It applies to:
- Non-residential commercial developments.
- Industrial developments.
- Senior's housing.
- Multi-family housing in the form of three-to-four storey apartment buildings.
"We recognize that developers are taking risks, but we also want to ensure that our non-residential growth continues to thrive and we begin to fill some housing gaps in our community — especially senior's housing. With that in mind, this policy rewards the development we want to see here," Mayor Marshall Chalmers said in an emailed release.
The city provided an example of a $10-million building that qualified for the discount. The developer would see municipal taxes waived for three years and could receive a total refund of approximately $235,000.
The policy will expire at the end of 2020, and council said in the release it hopes the incentive will help fill some vacant lots.
Chestermere is home to more than 20,000 residents. According to its website, the lakeside community has grown by 34 per cent since 2011.
- An earlier version of this story indicated that the City of Chestermere is in Rocky View County. Although it is surrounded by the municipal district, Chestermere is a separate municipality.Feb 14, 2019 10:15 AM MT