HomeMy Public PortalAbout7.4.42 Multi-Unit Rental Incentive Policy-City of Melfort Policy Manual
POLICY TITLE:
Multi -Unit Rental
Incentive Policy
POLICY NUMBER:
7.4.42
EFFECTIVE DATE:
April 11, 2011
ORIGIN:
Planning & Development
Committee
ADOPTED BY COUNCIL ON:
April 11, 2011
DATE AMENDED:
August 4, 2011
NEW EFFECTIVE DATE:
1.0 PURPOSE
1.1 To promote economic development by stimulating multi -unit rental housing
projects in specified areas of the City.
1.2 The term "multi -unit" shall be defined as four residential units or more with a
common title.
2.0 GENERAL POLICY
2.1 The policy will be evaluated annually.
This policy is established under the authority of Section 262(4) of The Cities Act
and applies to municipal tax and school tax as a result of new developments.
2.2 If an individual sells a development approved by this policy, the tax incentive is
transferable to the new registered owner. This policy applies as long as
construction is completed within eighteen (18) months.
2.3 Applications are to be made to the Community Development Manager.
2.4 The policy is focused on multi -family rental units where zoning is applicable as
set out below in R-2 (discretionary) and R-3 (permitted) zoned areas.
3.0 BENEFITS TO THE CITY OF MELFORT
3.1 To encourage the construction of multi -unit rental housing developments,
identified as a need in the community due to low vacancy rates and large-scale
projects slated for future development in the region, such as the Pehonan
Hydroelectric Project and the Shore Gold Diamond Mine.
3.2 Some of the lots are owned by the City and have been obtained through tax title
property. Currently, City crews maintain the property. Incentives may assist in
selling the property.
7.4.42 - Multi -Unit Rental Incentive Policy Page 1 of 2 01/26/12
4.0 POLICY R-2 & R-3
4.1 The following R2 & R3 zoned policies have been implemented to encourage new
development in neighbourhoods that are zoned R2 (discretionary) & R3 for the
following purposes: new apartments and other multi -unit residential rental
buildings. Also, this policy applies to four or more new additional units added to
existing rental buildings. All city -owned land sales are subject to an Agreement
for Sale with the City of Melfort.
4.2 On City -owned vacant lots, private -owned vacant lots and for replacement of
existing homes with a new multi -unit rental housing development, a five-year,
100% tax exemption, applied as an exemption to the first five years of Municipal
Tax and School Tax.
4.3 The property will be assessed and become taxable on January 1St of the year
following the issuance of the building permit, excepting for permits issued after
August 31St. For permits issued after August 31st of any given year, they shall be
assessed and become taxable as though the permit was issued in the following
year.
Council reserves the right to customize the incentive packages to any specific project.
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