Tax breaks eyed
City council is also considering the merits of certain incentives designed to draw more businesses to the city.
Those were sketched out in a report presented to council in early January, and include allowing developers to pay cash in lieu of reserve land in some cases.
The city is also considering what's known as tax-incremental financing: a gradual incremental increase in municipal property taxes on new non-residential developments.
For example, the city may decide to phase in taxes on new non-residential buildings over a three-to-five-year time period.
Said Guy Boston, the city's executive director of economic development: "The investment incentive options … send a clear message that St. Albert is willing to work with industrial developers."
The incentives would target industrial land developers, new business investment and existing business expansion.
St. Albert's residential mix ($1 million houses are not uncommon) is also changing, with development of a 255-unit multi-family residential project in the Erin Ridge North neighbourhood. As well, the process is in motion for another 173 rental units in three four-storey buildings in the city's North Ridge neighbourhood. Two buildings with 96 rental units opened in the city in 2012.
"The number of applications received for rental units is one of the highest we have seen in the past five years and is a positive sign for the local economy," said Curtis Cundy, the outgoing general manager of planning and engineering for the city.
from Western Investor March 2013
