On Monday, Okotoks town council approved a tax incentive aimed at attracting new developments and large-scale renovations to the town's industrial areas.

Eligible projects with a $2 million dollar minimum would see a maximum 75 per cent tax reduction in year one, down to 50 in year two, and 25 in year three.

The incentive comes following correspondence with developers and brokers who indicated that developing in South Calgary was not comparable in price, but often easier.

Mayor Bill Robertson was quoted in a release from the town, stating the move is in line with one of council's established goals.

"It has been a long-standing priority of Council to shift the tax ratio of residential to non-residential tax base and this initiative supports that goal."

According to the town, administration will prepare an application process sometime this Spring.

 

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