The City of Swift Current has agreed to cut The Landing Studio a bit of slack on taxes.
The tax exemption for any tax increase to their assessed value was applied to by Derek Neustaeter, owner of The Landing Studio, under the 'Existing Business Expanding' incentive policy.
Council voted unanimously in favour of approving this application, granting The Landing Studio a 100 per cent exemption in years one and two, 50 per cent in year three, 25 per cent in year four, and a return to full taxation in year five.
Denise Wall, business development and tourism officer for the City of Swift Current, presented the matter to city council at last night's meeting. She explained that this policy is for those not only expanding businesses but as well as for multi-family construction.
"It's just encouraging business retention, expansion and attraction for the City of Swift Current," said Wall.
In order to apply and qualify, applicants need to have a building permit for either the expansion of a business or a renovation of an existing business with the intention of growing that business.
"It provides a positive environment for growth of existing businesses," said Wall. "It also provides an attraction for new business investment."
The Landing Studio estimated the total cost of its renovation at $120,000. This tax exemption will help them to recuperate that amount, easing the stress of growth.
This is the first instance of someone applying for this policy since Wall began in June. She would be happy to hear from other businesses that plan to or have recently renovated and are looking to apply.
Wall can be contacted via email at email@example.com.
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