Reeve Eric Schmalz cut the ribbon on the RM of Prince Albert's new shop just over one year ago. (Susan McNeil/paNOW)

By Susan McNeil

Tax incentives

RM hopes to attract development with tax breaks

Sep 20, 2024 | 4:41 PM

The RM of Prince Albert is hoping to lure more people into building homes and business by giving out tax breaks.

In the first year, new properties would see a 75 per cent abatement, followed by a 50 per cent abatement and ending with a 25 per cent abatement in the final year.

“What it is meant to do is to incentivize people to move to the RM or to set up business in the RM,” said Reeve Eric Schmalz.

The RM decided to adopt the new policy effective immediately during their September 12 meeting.

Both municipal and education portions of the property tax bill are included in the discount. Council decided to capitalize on other construction that is happening in the area.

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“We’ve got some pretty exciting projects happening in our Junction subdivision, the Commercial Industrial subdivision south of the city, and we want to offer some incentive to the people who have already purchased and to those who are thinking about purchasing land and setting up their business in the RPA,” he said.

This is the first time the RM has passed such a policy, but it had been under discussion for some time. The RM was working within the Prince Albert Regional Economic Development Alliance to have municipalities in the area work together on tax incentive policies to reduce competition amongst neighbours.

PAREDA has fallen somewhat by the wayside. Two years ago, the City of Prince Albert decided to hire an independent economic development officer and took the money they would have given to PAREDA to fund the position.

“We’ve decided to move ahead at this time just for the purposes of expediency and to ensure that we’re offering this to the people and businesses who are currently in the process of moving here,” Schmalz said.

One focus of the RM has been to develop ‘The Junction’, which is part of Signature Development’s economic push in the area and is located at the junction of Highway 11 and Highway . Signature is also the company behind The Yard, which is within the City of Prince Albert boundaries.

READ MORE: The RM opened its new shop/service centre just over one year ago

He could neither confirm nor deny rumours that a major agriculture equipment dealer is setting up shop there but did say the municipality is in discussions with several entities about development.

According to Signature Development’s website, only 35 of the original 85 acres remain available for purchase.

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susan.mcneil@pattisonmedia.com