The City of Cold Lake has voted to renew the Business Retention and Attraction Incentive Program for another year and applications are open.
“When business owners renovate their properties, enhance the look and function of their buildings, or demolish older, unsightly buildings and construct new ones, it not only improves their business, but it’s an investment in the community,” said Mayor Craig Copeland. “It makes Cold Lake more attractive for people who are looking to live and do business here, and we’re glad to help business owners make these upgrades that benefit us all.”
Four local businesses took advantage of the program in 2021, which provides a municipal tax rebate to owners who:
- Enhance existing buildings
- Construct new buildings/additions to buildings
- Demolish existing buildings
The program pays 100% percent of the difference between the pre and post-construction tax levy and is paid out over three years. The program also offers incentives for projects that are primarily cosmetic in nature and consist of internal or external renovations that do not change the overall size of the building. Such projects are eligible for a one-time rebate equal to 10% of the municipal tax levied on the property in the year the project is completed.
Several businesses take advantage of the BRAIP rebate each year and the City encourages all business owners planning construction or renovations to their property, to consider it. The number of applications received each year since the program began is listed below:
- 2010 – 4
- 2011 – 2
- 2012 – 0
- 2013 – 1
- 2014 – 2
- 2015 – 3
- 2016 – 2
- 2017 – 4
- 2018 – 3
- 2019 – 5
- 2020 – 4
- 2021 – 4
Applications for the 2022 program will be accepted and processed throughout the year, until December 31, 2022. Applications can be found at www.coldlake.com/BRAIP. Questions about the program and eligible projects should be directed to the Planning and Development department at [email protected] or 780-594-4494.