Tonight, City Council was presented with economic development initiatives and incentives that acknowledge the current financial realities faced by local businesses, property owners and the community as a whole amidst the continued pandemic and ongoing economic challenges.
“We know our community, citizens and businesses have been deeply impacted by the economic uncertainty stemming from the pandemic and our ongoing economic reality, and we need to be innovative and responsive to their financial needs,” said Mayor Tara Veer. “The economic and business focused initiatives approved tonight will help business and citizens to navigate the current challenges, while also looking to the future to provide ongoing support.”
Tonight, City Council approved $1.1 million for the following economic development initiatives and incentives:
- Changes to development and construction fees for services, including removals, replacing or upgrading utility services and charges to reduce development costs city-wide.
- Spur investment in underutilized sites with rebates to motivate the demolition of vacant and derelict properties city-wide.
- Fostering activity in the downtown in the following ways:
- grant for new residential and mixed use development
- new grant that potentially drives new residential units in existing structures
- provide temporary two-hour free parking in 215 spots from June until December 2021
- Use City of Red Deer land holdings to motivate investment.
“For residents and business owners, we encourage them to fully utilize the wide variety of financial measures available from the Federal and Provincial Governments, but in approving these local initiatives and incentives tonight we are able to add to available supports and provide additional relief to our citizens and businesses during this challenging time,” said Mayor Veer.
The City of Red Deer will begin to implement the initiatives approved today based on timelines in the resolution. Residents and business owners are encouraged to watch The City’s website and social media channels for more information when it becomes available.
For more information, please contact:
The City of Red Deer