The City of Prince Albert has launched a new development incentive. Mayor Bill Powalinsky says it directed at those building new commercial or multi-unit residential properties which will receive tax abatements of 70 per cent, 50 per cent, 30 per cent and 15 per cent respectively, over four years.

For anyone who is concerned about a loss of tax revenue, Powalinsky says, “You know 70 per cent of nothing is nothing or 100 per cent of nothing is nothing but if we can get people to come in, we can get 30 per cent of our tax revenue in year one that didn’t exist before. You know there’s the development permit which is a source of income for us. So really its saying we’re moving ahead to increase our tax base, not to diminish it. “He says the business will pay full taxation by the fifth year.

Mayor Powalinsky says the criteria to apply is pretty wide open with all new commercial construction within city limits regardless of size or value of the project being eligible. Also eligible will be any new construction of multi-unit residential, five or more, in order to provide what the mayor says are much needed housing units. He says an additional incentive related to the renovation or existing commercial properties will be introduced later this year.