TAMRMS#: B06
6.2
REQUEST FOR DECISION
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Lakeview Business District Development Acceleration Program
Presented by: Mike Erickson, Director, Economic Development
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RECOMMENDED MOTION(S)
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1. That the Standing Committee of the Whole move in camera to discuss a matter related to the Lakeview Business District Development Acceleration Program in accordance with sections 24(1)(a), 24(1)(g), and 25(1)(c) of the Freedom of Information and Protection of Privacy Act.
2. That the Standing Committee of the Whole recommend that Council approve the Lakeview Business District Development Acceleration Program funded through a $1.27 million annual transfer of assessment growth to begin in 2025; and commit this annual transfer in the Growth Stabilization Reserve until a balance of $8 million is reached.
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PURPOSE OF REPORT
To provide a framework for the establishment of a financial rebate program to catalyze and accelerate inceptual private development of serviced industrial and commercial property in Lakeview Business District.
BACKGROUND AND DISCUSSION
Employment Lands & Lakeview Business District Planning & Investment Background
The City has been planning for and investing in the Employment Lands and Lakeview Business District for approximately 15 years. In that time, the City has invested more than $75 million in capital projects that enable growth in West St. Albert, including Lakeview Business District
In 2011, the City conducted a Future Industrial Land Study and in 2015 added an Industrial Market Expansion Area Assessment. Both reports concluded a need to increase the supply of serviced industrial land available in St. Albert and highlighted the benefits of increasing the industrial tax base, both from a financial and local employment perspective. These studies also noted that the degree to which St. Albert can capitalize on additional industrial lands will depend significantly on the development competitivene...
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