Ponoka town council renews residential and business incentive attraction programs

“Renovating, buying or building a home or business is a long-term decision and extending these programs for three years provides potential new residents and businesses more time to complete the decision-making process and plan their move to Ponoka,” said Mayor Kevin Ferguson.

“Attracting new businesses and residents is all about helping Ponoka and our local economy grow and thrive into the future.”

The Town says the New Business Grant has been renewed for one year, until December 31, 2023, as it requires funding for the grants being offered and must be approved during budget deliberations each year.

Mayor Ferguson said that most of the incentive programs are available to both new and existing residents in the Town of Ponoka, including the New Business Grant, the Residential New Build Incentive, the Commercial New Build Incentive and the Major Home Renovation Incentive. Council says they will continue to review the successes of each incentive program annually.

New Resident Incentive Program

The program offers a free, one-year family recreation pass for new residents who buy and move into a home in town before December 31, 2025 from a municipality outside the Town of Ponoka.

The family recreation pass offers free admission to the Ponoka Aquaplex, which features a 25-metre indoor swimming pool, wading pool, deep tank with a 10-foot corkscrew slide, hot tub and sauna. The pass also includes free access to racquetball courts, drop-in programming and public skating/shinny hockey at the Ponoka Arena Complex.

Applications must be submitted in the same year as the applicant’s possession date of their new property.

Residential New Build Incentive Program

New and existing residents who build or buy a newly-built home not previously occupied in the Town can qualify for this program.

Applications must be received in the same year in which the development permit is issued.

The incentive also allows citizens to receive the following tax savings over three years:

75 per cent reduction on the municipal portion of their property taxes in the first year following the construction of a new home
50 per cent reduction in year two
25 per cent reduction in year three

Commercial New Build Incentive Program

Commercial businesses that build a new property in the Town on commercially-zoned land can qualify for this program.

Applications must be received in the same year in which the development permit is issued.

This incentive allows businesses to receive the following tax savings over three years:

75 per cent reduction in the municipal portion of their property taxes in the first year
50 per cent reduction in the second year
25 per cent reduction in the third year

Major Home Renovation Incentive Program

Officials say Ponoka residents who complete major renovations on their home that increase their property’s assessment value by at least 20 per cent, excluding land assessment value, can qualify for the following property tax savings:

75 per cent reduction on the assessment increase in the municipal portion of their property taxes in year one
50 per cent reduction on the increase in year two
25 per cent reduction on the increase in year three

Examples of major renovations that may qualify for the program include finishing a basement, building an attached or detached garage, building an addition to increase square footage of a home, major kitchen renovations or complete renovation of a main living area.

Applications must be received by December 31 of the same year in which the major home renovation work begins.

New Business Grant

The grant offers a one-time-per-business grant payment of up to $1,000 for businesses that are new to Ponoka by December 31, 2023, and reside and operate in the Town.

The business must hold a valid Town of Ponoka business licence or be exempt from requiring a business licence. The grants are awarded on a first-come, first-served basis.

Apply Now

Applications for the Town’s incentive programs are now being accepted and forms are available at ponokarealliving.ca.

Paper copies of the application forms are also available at the Town Office at the Ponoka Civic Centre (200-5604 50 St).

For more information, call the Town o at 403-783-0127 or send an email to RealLiving@Ponoka.ca.

by rdnewsNOW Staff

Ponoka town council renews residential and business incentive attraction programs

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