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Brooks – City of Brooks Council approved the Residential New Build Incentives Policy that aims to encourage residential development, demonstrating their proactive commitment to addressing the housing needs of the community.
During the first year of a new residential build, the policy grants a complete exemption from the municipal portion of property taxes based on the New Assessment during the entire calendar year. In the second year, the reduction decreases to 75%, followed by a 50% reduction in the third year and a 25% reduction in the fourth year. These credits are applied yearly, solely towards the Municipal Portion of the Tax Rate and are not disbursed as cash payments. The qualifying period of this program began on June 19, 2023 and will conclude December 31, 2025.
The City of Brooks will also offer a 15% reduction in residential lot prices, making it more financially feasible for developers and prospective homeowners. In a further effort to support residential development, residential development permit fees will be waived. Furthermore, the City's 25% portion of residential Building Permit Fees will also be forgiven, reducing financial burdens on developers. In recognition of the impact of offsite levies on development, the City is considering a deferral program for these levies, provided sufficient security measures are in place to protect the interests of the City. The deferral of offsite levies will be reviewed on a case-by-case basis.
Mayor John Petrie expressed his enthusiasm for these new incentives, stating, "Council recognizes the need for more housing options in our community. We are committed to promoting residential development and ensuring the availability of attainable homes for our residents. These new incentives will encourage builders and developers to invest in our city and contribute to our growth."
For more information on the Residential New Build Incentive Policy, interested parties can access the policy document at the following link: https://www.brooks.ca/841/Residential-New-Build-Incentive-Applicat
For more information, please contact:Alan MartensChief Administrative Officer403email@example.com