O’LEARY -- O’Leary council served notice Thursday night it is serious about wanting to attract development in Prince Edward Island’s newest town.
Councillor Blake Adams put forth the planning committee’s proposal to dramatically boost O’Leary’s tax concession policy. The old policy provided a 25 per cent tax concession for one year for new development valued at $50,000 to $99,999, growing to a 50 per cent concession for five years for development valued in excess of $400,000.
What Adams put forth and what was unanimously supported by council was a 100 per cent concession growing in duration depending on the value of the development. A minimum investment of $100,000 up to $199,000 would trigger a 100 per cent tax concession for two years. The full concession would extend to three years for developments valued at $200,000 to $299,000 and to four years for developments in excess of $300,000. “The more investment you make in your property - its commercial and residential - the more investment you put in the longer your tax concession from the municipality is going to be,” Adams explained
“It’s got to be as aggressive as possible and as attractive as possible,” said councillor Darren MacKinnon in voicing his support for the change.
Adams said the concession is more generous than others he researched. “Ours is, ‘the more you invest in our community, the more we are going to try to help you out with your municipal taxes.’”
The new concessions go into affect immediately.
Mayor Stanley MacDonald added the town already provides tax concessions to the legion, museum, curling rink and arena.