LACOMBE- Council has given first reading to a proposed borrowing bylaw to fund the revitalization of Lacombe Market Square by securing a major Canadian retailer as an anchor tenant, along with associated development.
"Council is considering this initiative in response to the number one concern expressed by citizens during recent public engagement processes – increased retail access," said Mayor Grant Creasey. "In light of Lacombe being ranked as one of the best places to live in Canada, we believe this development can help address this pressing concern and make our city even more livable."
The City will facilitate the transfer of lands located at 4951 Wolf Creek Drive between arms’ length developers.
Agreements have been prepared between the parties and the total cost to the municipality is $750,000.
"In order to complete this development it will be necessary for the City to borrow $750,000 from an authorized financial institution," states Chief Administrative Officer Matthew Goudy.
Once development is complete, the anticipated increase in Lacombe’s commercial tax base is significant.
It will help reduce the municipality’s reliance on residential property tax revenues, create new jobs and attract more visitors to the city.
Bylaw 462 will be advertised for two weeks. After that, residents have 15 days to prepare and submit a valid petition calling for a vote of electors to authorize the borrowing.
Upon third reading of the borrowing bylaw, it will be added to the 2018 Operating Budget.
For more information visit www.lacombe.ca/borrowing
(The City of Lacombe - Gary McKinnon)
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