Drumheller Introduces New Incentive Program to Spur Economic Growth | Dinosaurvalley.com
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Drumheller Introduces New Incentive Program to Spur Economic Growth


FOR IMMEDIATE RELEASE

 

July 20 2020

On July 20, 2020, Council approved the new Residential Development Incentive bylaw as a stimulus for economic and population growth. This bylaw provides incentives for developers to build homes in the $180,000 to $250,000 price range and rental properties whose rent will be no more than $850 per month.

The Incentives provide a sliding scale of tax abatements on the municipal portion of property tax.The Residential Developers Housing Incentive Policy offers a three (3) year Incentive while the Multi-unit Dwelling Incentive Policy offers a Four (4) year incentive.

"Residential incentives benefit the community as they expand the tax base increasing funding which is available for town programs. This program offers a clear 'return on investment' as it incentivizes developers to build new dwellings in a budget range not previously tapped. After the incentive expires the town will collect taxes on these properties for decades," explained Sean Wallace Manager of Economic Development. "The bylaw's purpose is to encourage developers to build new affordable dwellings and rentals for Millennials and Seniors and although there are dwellings for sale in the price range stated in the bylaw many people prefer to buy new."

"This incentive program illustrates how Administration and Council are being proactive and creating new ways to increase the tax base of our community and build its future prosperity." added Mayor Heather Colberg. "The Residential Incentives complement our new Commercial Incentives for a whole of government approach to growing our community."


For more Information Contact:

Town of Drumheller Communications

403-823-6300

communications@drumheller.ca

COUNCIL APPROVES TAX DEFERRAL DATE TO NOVEMBER 30 ...
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