(Town of Stettler)

By rdnewsNOW staff

Stimulating Commercial Growth

Stettler town council approves enhanced Tax Incentive Bylaw

Jan 25, 2024 | 4:51 PM

Council for the Town of Stettler has unanimously approved a revised and enhanced Tax Incentive Bylaw.

The approval happened during their regular meeting on Dec. 19 2023.

“With high interest rates and growing costs, the enhanced Tax Incentive Bylaw is an ideal way to stimulate commercial growth in the Town of Stettler,” says Sean Nolls, Mayor, Town of Stettler. “It is our hope that this program will help existing businesses expand, attract new entrepreneurs to our community, and demonstrate to established franchises that Stettler is the perfect place to do business.”

Town officials say the bylaw can apply to any permanent, non-residential development including new construction, revitalization, redevelopment, or expansion to an existing business that will generate a minimum of $5,000 to increase the new construction assessment. The tax incentive applies solely to the increase in assessment amount, under the following formula:

SCHEDULE A – Incentive Levels & Duration New or Increased Assessment

SEEKING APPLICANTS SOON

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New Construction Year 1, Year 2, Year 3, Year 4 ,Year 5

Or Revitalization / Tax Incentive, Tax Incentive, Tax Incentive, Tax Incentive, Tax Incentive

Redevelopment %, %, %, %, %

(Increase in Assessment Value)

$5000 – $100,000 100%

$100,001 – $500,000 100% 50%

$500,001 – $1,000,000 100% 75% 50%

$1,000,001-$2,500,000 100% 75% 50% 25%

$2,500,001 – $5,000,000 100% 100% 75% 75%

$5,000,001 – $10,000,000 100% 100% 100% 100%

$10,000,001+ 100% 100% 100% 100% 100%

Applicants can visit the Town of Stettler Office or website to fill out the initial form, after which the application will be held until the project is complete. Officials say the Town of Stettler will then review the application and allow the contracted assessor to determine the assessment increase resulting from the project.

To view the application form or to learn more about economic development in the community, visit: https://www.stettler.net/work/economic-development.

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