Chestermere city council approved a new Economic Development Incentive Policy to encourage new business development in the city at the Feb. 5 council meeting.
To create an incentive for the construction of new commercial and industrial properties as well as certain types of residential properties, such as seniors housing the new policy will cancel, reduce or refund the municipal portion of supplementary taxes on new construction.
"This type of policy it's the right time based on the economy," said Mayor Marshall Chalmers as he expressed his support of the new policy.
The incentive policy has the support of BILD Calgary Region, and organization that advocates for the building industry.
A letter expressing support of the Economic Development Incentive Policy was received by council which stated that if the policy was approved that BILD would help promote the program.
"Any ability for the municipality to expedite their processes will help bring new business to Chestermere sooner," said BILD Calgary Region Government Relations and Committees Manager Charles Boechler.
If the policy is successful, the newly attracted business will be a crucial part of the city's efforts to diversify the tax base in Chestermere.