The City of Lacombe is digging deep with hopes of bringing new retail shopping opportunities to the community.
On Monday, council approved Bylaw 462 which aims to kick-start growth in Lacombe Market Square by borrowing $750,000 to help kick-start the stalled commercial area along Highway 12 at Wolf Creek Drive, and hopefully entice a large Canadian retailer to set up shop.
However, which ‘big Canadian retailer’ that may be will not be announced until an agreement is signed, nor will the investment take place until an agreement is secured with the developer.
City officials say agreements have been prepared between the parties involved, with the total cost to the municipality being $750,000. The municipality is to facilitate the transfer of lands between the arm’s-length developers for the location at 4915 Wolf Creek Drive.
It’s anticipated the investment will require the average homeowner in Lacombe to dish out an additional $13-$14 on their yearly property taxes.
“Council is moving ahead on this initiative in response to the number one concern expressed by citizens during recent public engagement processes – increased retail access,” Mayor Grant Creasey said in a release. “The developer has committed to building a 25,000 square feet retail store for a large national chain, and we anticipate that this project will spur further retail development in this area. This will help increase our commercial tax base.”
“The City has taken steps to ensure accountability by requiring its financial investment be returned if the project construction does not commence within three years,” added Chief Administrative Officer Matthew Goudy. “Upon signing the development agreement, the developer must apply for a permit in 30 months, start construction in 36 months and complete the project in 48 months.”
The 156-acre Wolf Creek Crossing / Lacombe Market Square is described as a comprehensively planned community that includes a mix of commercial, residential and industrial uses.
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