Local businesses in Cold Lake will see another year of the Business Retention and Attraction Incentive Program (BRAIP).
“We had nine businesses take part in the program in 2019, which was more than any previous year,” said Mayor Craig Copeland.
“That showed us there was still a lot of interest in the program, and we would like to continue offering a tax break to the businesses spending time and funds to enhance their businesses.”
Businesses approved for BRAIP receive a financial incentive in the form of a municipal tax rebate, after they enhance existing buildings, construct new buildings or additions, or demolish existing buildings.
“The quality of renovations that have come through over the years is outstanding,” said Copeland. “It’s an investment in our community, and we’re happy to continue providing help through this program.”
Since the policy was developed in 2010, the BRAIP policy has undergone a few revisions, including increasing the amount of the received tax rebate from 50 per cent to 100 per cent of the difference in the pre-and-post construction tax levy.
Council opted to continue the program through this year at last Tuesday’s council meeting, allowing applications to be accepted until Dec. 31, 2020.
City staff make business owners and commercial property owners aware of the BRAIP when building and development permits are applied for, and during business license renewal reminders.
While many construction and renovation projects require permits, some purely cosmetic renovations do not.
If a business has any questions about the policy, they are encouraged to contact the Planning and Development Department at City Hall.