The Town of Rocky Mountain House will be working toward developing a tax incentive for a new non-residential greenfield development within town limits.
In a motion that passed unanimously during the July 2 meeting, the Town will be developing a report to determine what such a tax break could look like.
According to Town officials, greenfield development is defined as anything that prepares land for development – and anything that is built on previously undeveloped land.
Councillor Len Phillips says based on feedback he’s heard from residents, a tax break may be worth a conversation as it could give the Town a leg-up.
“We’re different from the Highway 2 corridor. We’re not Blackfalds, Penhold or Lacombe,” says Phillips. “I think we need to do something a little different to potentially attract and/or have our local landowners do something with the land.”
If approved, Town officials say any incentives would be applied to non-residential uses as allowed under the Land Use Bylaw.
Officials say it’s an important step to consider, as council’s current strategic plan prescribes building the local economy as a key goal.
While the potential tax incentives are in the development and consideration stage, Town officials say there are some programs already in place to attract business to town.
These include the Storefront Improvement Program, which sees the Town contribute up to $5,000 for any storefront project greater than $10,000 in construction value. For projects less than $10,000, the Town says it will pay 50 per cent of the construction value.
Additionally, the Town says it offers tax breaks on new, commercial or industrial developments assessed at over $100,000.
Town officials say it is targeting an August, 2024 date to have a more fulsome picture of what the tax incentives could look like.
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