Sue Keenan
The COVID-19 pandemic has created uncertainty among business owners in Alberta and across Canada, but Fort Macleod is attempting to fight that trend.
A new Town of Fort Macleod business tax exemption was put in place to encourage investment and growth
“We’ve already generated some interest in new companies coming to town and we’ve got some expansion things on the go,” Town of Fort Macleod chief administrative officer Sue Keenan said.
Keenan provided Fort Macleod Chamber of Commerce members with an update during Thursday’s August meeting at the Empress Theatre.
The new tax exemption by-law is intended to encourage Fort Macleod businesses to proceed with expansion and growth.
By-law No. 1912 is also intended to attract new businesses to Fort Macleod.
“We’re looking for some significant growth in a time of economic uncertainty,” Keenan said.
The following criteria must be met to qualify for a tax exemption:
• The property must be in the geographical boundaries of the town.
• The development must qualify as new construction or an expansion.
• All required Town of Fort Macleod development approvals must have been issued.
• The new construction or expansion must result in an increase of at least $50,000 in the assessed value of the property from the previous year.
• Only one tax incentive agreement is allowed in a three-year period for the property.
Successful applicants will receive a 100 per cent tax exemption on the incremental increase to the assessed value in the first year of the agreement.
A 75 per cent exemption is granted in the second year of the agreement, with a further 50 per cent exemption in the third and final year.
“The project can start in any one of those first three years and carry forward,” Keenan said.
For information, contact the Town of Fort Macleod at 403-553-4425 or admin@fortmacleod.com.
