Business Beat: City Now Accepting Applications for 2021 Development Incentive Program
Invest Medicine Hat and the City of Medicine Hat are now accepting applications for the 2021 development incentive program.
The City of Medicine Hat encourages development and redevelopment in the City and incentives are an effective way to stimulate investment and support desirable economic growth that would have not otherwise occurred.
City council approved a new development incentive program on Feb. 16, providing a fair and transparent approach to incentives. The program includes six new development incentives:
Brownfield Redevelopment Tax Incentive: the ‘Brownfield Redevelopment Tax Incentive’ is designed to provide financial assistance to property owners to remediate brownfield development sites by providing tax relief, equal abatement costs, for a period of up to five years from issuance of a development permit (2-year maximum construction period).
Builder Incentive: the ‘Builder Incentive’ is designed to encourage residential construction of single detached houses and duplexes in Medicine Hat greenfield subdivisions. The offer is limited to the first 30 licenses builders who may be eligible for a $10,000 rebate once construction has been completed to the weeping tile state on a residential lot.
Commercial-Industrial Development Tax Incentive: the ‘Commercial-Industrial Development Tax Incentive’ is designed to provide financial assistance to property owners who develop large-scale commercial or industrial developments that result in tax assessment growth and job creation by providing tax relief, on a sliding scale.
Waterfront District Housing Incentive: the ‘Waterfront District Housing Incentive’ is to provide financial assistance to property owners to construct attractive self-contained, market-rate dwelling units, with a preference for mixed-use developments, within the Waterfront Development District.
Waterfront District Vibrancy Incentive: the ‘Waterfront District Vibrancy Incentive’ is designed to provide financial assistance to property owners undertaking commercial property improvements that add to the vibrancy and livability of the Waterfront District. Up to a 50% matching investment, to a maximum of $50,000 per property, for commercial property improvements.
Infill Incentive: the ‘Infill Incentive’, comprised of five separate grants, is designed to support our local home building industry and incentivize expeditious development and construction of infill properties. Owners of an infill property can apply and may be eligible for up to a combined maximum of $25,000 for each single civic address.
“We are pleased to introduce the development incentive program this year to spur investment in the community,” says Jason Melhoff, managing director, Invest Medicine Hat. “Incentives have a great return on the community as a whole by creating jobs and promoting economic diversification.”
Visit https://www.investmedicinehat.ca for full program details.
Kelli Ireland is the marketing specialist at Invest Medicine Hat
