City Acts to Spur Needed Non-Residential Development and Housing for Seniors
Council passes new Economic Incentive Policy to encourage commercial construction and needed housing types
CHESTERMERE, Alberta, Feb. 14, 2019 (GLOBE NEWSWIRE) — When you come into Chestermere, most drivers quickly notice a few empty lots that have been vacant for a number of years; a contrast to the bustle of the other strip malls and commercial buildings.
“We are a growing and thriving community,” says Mayor Marshall Chalmers, “and it’s important that our business communities reflect that. I am pleased to announce that we passed a Council Policy that will help encourage developers to move ahead with their plans to bring needed development and new housing types to our community.”
The policy, called the Economic Development Incentive Policy, offers a tax reduction for new construction of buildings when developed expediently. The incentive is valid for those who apply to develop a property after January 1, 2019, and take occupancy of their building within 24 months of receiving their building permit. The policy specifically provides this benefit for non-residential commercial development, industrial development, senior’s housing, and multi-family housing in the form of 3 to 4 storey apartment buildings.
“We recognize that developers are taking risks, but we also want to ensure that our non-residential growth continues to thrive and we begin to fill some housing gaps in our community-especially senior’s housing. With that in mind, this policy rewards the development we want to see here,” says Mayor Chalmers.
The policy is set to expire at the end of 2020 and Council hopes that the incentive encourages an upswing in development.
“Adding to our non-residential tax base and bringing in senior’s housing options are big priorities for this Council and I am pleased that we have innovative ideas like this to encourage economic development in our community,” says Chalmers.
For more information, visit www.investchestermere.ca.
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