Cold Lake will be continuing a program that encourages businesses to work on their current homes. The city announced Wednesday that the Business Retention and Attraction Incentive Program is back for 2020.
“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 the program receive an incentive in the form of a municipal tax rebate after they enhance existing buildings, construct new buildings or additions or demolish existing buildings.
The program has been running since 2010 with some slight changes along the way.
Applications are open to business owners until December of 2020