Strathmore Town Council has recently passed a bylaw that will help attract large nonresidential developments to the municipality.
The Non-Residential Tax Incentive Bylaw 22-03 will give qualifying developments a tax rebate for building in Strathmore.
The bylaw will make Strathmore more attractive to large non-residential developments which will provide jobs and tax revenue.
To qualify for this rebate, a development must increase total assessment by at least $10 million, create 25 full-time jobs, and comprise at least 2,800 square meters of area on one level.
According to the document presented to council, the total tax levy for the town is typically about $13 million per year, therefore a rebate of $155,750 in year 1 of the program would equate to about 1.2% of the annual total tax levy for the town. Over the full five years, the total tax rebate would approach $500,000.
Council gave unanimous consent to a third and final reading of Bylaw No. 22- 03, being the Non-Residential Municipal Tax Incentive Bylaw, and then approved the third and final reading to Bylaw No. 22-03.