Incentive program to help lure biz to area
By Lethbridge Herald on May 29, 2025.
Al Beeber
Lethbridge Herald
A new development, expansion and retention incentive program will provide tax breaks for some local businesses that spend more than $2 million in the community.
City council gave the program the thumbs-up at its meeting Tuesday. The pilot program, which will be reviewed in 18 months, will provide grants tied to property taxes to investors including businesses that spend $2 million or more in industries deemed to be key. Specifically, those industries are agri-food and agri-business, alternative and renewable energy, and trade and logistics.
A report to council stated that the program is self-funding since it is directly tied “to the incremental growth in the municipal portion of property taxes resulting from newly attracted investment.”
Because of this, no additional funding is required to run the program.
The report notes that many municipalities use development-based incentives to attract location-based investments in established or new operations, with the goal of creating a strong and resilient tax base.
The key sectors were determined after a review of economic development literature and strategies developed across the region, including by Economic Development Lethbridge, Lethbridge Polytechnic, Alberta SouthWest Regional Alliance, the University of Lethbridge and others.
According to the report, attracting investment in the identified key sectors plays to our local and regional economic, labour, research and educational strengths, and helps to build upon recent investments made other levels of government in our region. It also aligns with the ongoing commitments of our local post-secondary institutions to provide education and training for the market needs of today and tomorrow.”
Projects meeting the eligibility requirements may be eligible to receive as many as five years of grants tied to the incremental increase in the municipal portion of their property taxes.
Because the program is new and modifications may occasionally be needed, a recommendation was made to return to Economic and Finance Standing Policy Committee within 18 months to share early learnings and make any needed modifications.
City Chief Financial Officer and Treasurer Darrell Mathews told council that there will likely need to be tweaks made after that 18-month period.
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