Invest In Chestermere
One of Alberta’s fastest growing municipalities, the City of Chestermere has rapidly evolved from a lakeside summer village into a dynamic, recreational oasis. Our population is over 20,000 residents and is projected to be at 50,000 in the next 20 years. Bring your business here and find out why life is better at the lake!
How it Works
1. Apply: Eligible developments can apply for the Economic Incentive Program when they submit their building permit application.
2. Complete construction: Construction must be completed and an occupancy permit must be issued within 24 months.
3. Receive your Tax Refund: If the property has met all the conditions, the owner will be advised that the municipal portion of the property taxes have been refunded for the relevant period.
Eligible Projects
- Any development in a commercial district
- Commercial development in a mixed-use district
- Development in an industrial or business park district
- Housing specific for seniors
- 3 to 4 storey apartment buildings
To Qualify
- The applicant must be the owner of the building
- All required permits must be completed and approved
- Construction must be completed and an occupancy permit must be issued within 24 months of obtaining the building permit
- The project must comply with the Land Use Bylaw and all relevant statutory plans.
All outstanding accounts must be paid in full and taxes levied on the eligible property must be kept current during the incentive period.
About The Policy
- Chestermere City Council passed an Economic Development Incentive Policy on February 5, 2019.
- The purpose is to promote and incentivize economic development within the City of Chestermere.
- The provisions allow for the municipal portion of supplementary taxes for new construction of commercial, industrial and specified residential buildings be cancelled, reduced or refunded.
Example of Potential Savings
A property owner has land that is assessed at $1 Million. The owner constructs a commercial building that is worth $10 Million, for a total assessed value of $11 Million. If they qualify for the Economic Incentive Program, the municipal taxes on the $10 Million building will be waived for 3 years. This could result in a total refund of approximately $235,000.