Lethbridge county council is looking to provide incentive for new or expanding businesses to help grow the local economy. It passed a bylaw, which will provide a three year tax rebate to eligible businesses.
A new or expanding business with a minimum assessment increase of $500,000 will be able to get a 75 per cent rebate on municipal taxes in the first year of the incentive, 50 per cent in year two and 25 per cent in year three.
“After reviewing several options for incentives and taking the public input we received into consideration, Council feels that this bylaw will encourage new development in Lethbridge County to increase our assessment base and bring additional jobs to the area,” says Reeve Tory Campbell. “We are open for business and believe offering a short-term exemption on municipal taxes can further grow our economy for the benefit of all.”
The bylaw was first read in April this year. Council then directed administration to seek input from the public and a survey was made available online through the summer. An in person discussion was also held.
“To remain competitive in today’s economic climate, Lethbridge County must evaluate options that will encourage growth in our commercial and industrial sectors,” Campbell says. “We will continue working to identify additional opportunities for business expansion and retention in the county.”