There are currently three incentive programs available through the M.D. These programs were developed by the Council to encourage low, medium and high density residential, commercial and industrial development in an effort to accommodate a balanced future growth.
The Land Development Grant program is available to developers planning on subdividing, servicing and installing local improvements on raw/vacant lands that would result in a minimum of 5 serviced lots, ready to be sold on the open market.
Grant is one-time payment, being 100% of the total increase in property tax as result of all servicing & improvements made to the raw/vacant land.
Grant will be paid in the same tax year as when the completed development is fully assessed.
Applicants already approved under the Subsidized Subdivision Grant, below, shall not be eligible for this program.
Applicants may apply to Council for this grant after entering into a Development Agreement with the M.D.
First-come, first-served basis: Applicants will be received Jan 1 - April 30 of each year. Applications received after the deadline may considered based on budget.
Priority shall be given to one split only and, subject to budget availability, multiple lot splits.
The existing building standards and the minimum size of the pre-subdivided lot must meet the Land Use Bylaw 2013-14 requirements.
If the parcel is vacant, a two-lot split is eligible subject to both lots being developed, with the newly created parcel developed within the allotted time period. The M.D. will supply two sets of services for one $5,000 deposit.
A Development Agreement is required once the application is approved, which will set out the owner’s initial contribution of $5,000, which must be paid with the application.
The grant provides 5% of the increase in total assessed value (including land and improvements) as a result of development initiative, up to a maximum of $5,000 for residential and $20,000 for commercial development. The grant is to be paid to the property owner in three (3) equal annual installments to be made on or before January 31 of each year.
The new residential development must be a modular house construction or a stick-built house, on concrete foundation, with a minimum total assessed value of $50,000. The new commercial building must be on a concrete foundation with a minimum total assessed value of $50,000.