By Jensen, Randy on November 5, 2020.
City council, acting on recommendations by the Lethbridge Community and Economic Recovery Committee, approved just over $4 million in tax incentives to help local developers weather the economic downturn in Lethbridge.
After unanimous approval by council during Monday’s meeting, funds from the Affordable/Social Housing Capital Grant would continue to make $1.43 million available to developers for that purpose. About $900,000 would be retained for the Urban Core Improvement Grant, about $685,000 would be transferred from the Downtown Development Reserve to the Urban Core Housing Incentive program, and an additional $1 million would be made available to fund the Modified Targeted Redevelopment Incentive Program.
Before passing the motion, Coun. Jeffrey Coffman proposed an amendment where City staff should have to return to council in six months time to review the programs to make sure the grants were having their intended stimulus effect in Lethbridge’s construction industry. This was adopted unanimously.
Coun. Belinda Crowson, who chairs the Lethbridge Community and Economic Recovery Committee and sponsored the motion during Monday’s meeting, stated the funding was specially targeted to help local businesses.
“Our Recovery Committee has been working at finding creative and effective ways to help support our local businesses both now and for when the pandemic one day finally subsides,” said Crowson, who is also chair of the Recovery Committee.
“Money spent locally will help support local jobs and in turn benefit our local economy.”
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