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Town of Fort Macleod to offer business incentives

Fort Macleod is sending a message to the world that it is open for business.
Town council is working with economic development manager Virginia Wishart on a business stimulus policy.
“The purpose of the business stimulus policy and its incentive programs is to stimulate the expansion and retention of existing businesses operating within the Town of Fort Macleod, and to draw new commercial and industrial operations to the town,” Wishart explained in her Nov. 24 written report to council. “By doing so, the town aims to create more employment opportunities, and increase the long-term commercial assessment and economic outlook in Fort Macleod.”
The initiatives were developed in keeping with the new strategic plan council unveiled earlier this year.
Wishart brought the business stimulus policy to the Nov. 24 meeting at Fort Macleod RCMP Centennial Library for council’s review.
The incentives include:
New business building construction
The town will provide a three-year tax incentive for any new business building construction.
The business owner must own the land being developed. Tax exemption includes municipal portion only.
The incentive offered is:

  • Year 1: 100 per cent building and improvements tax exemption.
  • Year 2: 100 per cent building and improvements tax exemption.
  • Year 3: 50 per cent building and improvements tax exemption.
  • Business expansion or renovation incentive
    The town will provide a three-year tax incentive for new construction, approved by the town, of an existing business.
    The incentive includes adding to an existing commercial building, or replacing an existing commercial structure.
    Applicable expansion or renovations must total a minimum of $25,000 in expenditures.
    The incentive:

    • Year 1: 100 per cent exemption of incremental increase of resulting improvement assessment.
    • Year 2: 100 per cent exemption of incremental increase of resulting improvement assessment.
    • Year 3: 50 per cent exemption of incremental increase of resulting improvement assessment.

    Historical asset business renovation incentive
    The town will provide a three-year tax incentive for renovations and improvements, approved by the town, of an existing or new business located in a provincially designated historic building.
    “We want to get people excited,” Wishart said of the incentive designed to encourage people to renovate and improve their buildings.
    Renovations and improvements must meet the guidelines for both the provincial designation and the town’s provincial historic area, if the building is located within the boundaries of that area.
    Applicable renovations and improvements must total a minimum of $25,000 in expenditures.
    The incentive:

    • Year 1: 100 per cent exemption of incremental increase of resulting improvement assessment.
    • Year 2: 100 per cent exemption of incremental increase of resulting improvement assessment.
    • Year 3: 50 per cent exemption of incremental increase of resulting improvement assessment.

    There is a list of conditions that must be met in order for a business to qualify for an incentive.
    “There are more incentives under review, focused on residential properties and the environment,” Wishart added. “These will be brought to council once we have more of the details nailed down.”

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