A new bylaw has been created by Northern Sunrise County that council hopes will attract new business to the Sunrise Gateway Business Park.
The bylaw will introduce a multi-year non-residential property tax incentive for any new development in the park.
“Council wants to see growth and more services and businesses come into the Sunrise Gateway Business Park and we thought if there was a tax incentive that we may have some new opportunities present themselves,” says Reeve Corinna Williams.
“Administration did research throughout municipalities in the province and built a bylaw that reflected what other municipalities have done or are doing,” she adds.
The incentive will provide a 75 per cent exemption on taxes in the first year, a 50 per cent exemption on taxes on the second year, a 25 per cent exemption in the third year, and finally back to normal tax rates the fourth year.
The hope is if Northern Sunrise County can attract substantial amounts of new development, they will experience a gradual increase to municipal revenue over a period of three years.
“Council set a threshold of $250,000 to ensure that the developer is committed to the project and the development,” says Williams.
“The intent of council is to attract new business to the County,” she adds. “We want to see growth happen in the county and the region overall.”
Williams explains the incentive is solely for new developments on a vacant lot in the Sunrise Gateway Business Park.
For more information about the bylaw regarding potential development, contact their office at (780) 624-0013.