The recently developed Business Improvement Incentive Program was updated by Yorkton Council at its regular meeting Monday.
鈥淎t the February 1, 2021 Council meeting, Administration brought forward a report on Business Improvement Incentive Program Policy, seeking direction on whether to expand the eligibility for business owners who reside outside the City,鈥� explained Michael Eger - Director of Planning, Building & Development, with the City at the meeting.
Eger said City Administration consulted with the Yorkton Business Improvement District (YBID), the Yorkton Chamber of Commerce (Chamber) and the Economic Development Committee, (EDC), in preparing changes.
Program changes were then discussed in detail at the February 11, 2021 EDC meeting. A range of options were considered, with members commenting that:
*There are many business owners who live outside the City and still contribute their time and money to local teams, events and fundraisers, and we should be supportive of their importance and value to the community;
*The amount of funding to any successful applicant needs to be large enough that there is real benefit and incentive to invest. Given available funding limits, we should not open the Program too much or incentives will be spread too thin to achieve desired results;
*The Program is brand new and we cannot yet be sure if it is not working 鈥� the amount of applications to date indicate that the Program is working as intended, so it may be premature to consider changes.
*It would be beneficial to incentivise all commercial investment, regardless of where owners reside;
*Not all taxpayers would be infavour of offering incentives, especially to non-local business owners.
Following the discussion, the Committee carried the following resolution: That Council be recommended torevise the BIIP as follows:
*Fifty per cent of the shareholders to be locally-owned (down from 51 per cent),
*Extend the local boundary to the Regional Planning District (which includes the City of Yorkton, RM of Wallace, RM of Orkney, and towns and villages within),
*Preference to be given toCity residents; and
*If applications exceed annual funding, to be able to approve in principle funding for the following year.
鈥淎dministration favours the Committee鈥檚 recommendation for its comprehensiveness and for its consideration of the early success,limited funding and policy goals,鈥� said Eger.
Council previously allocated a total of $100,000 of funding towardthe program in 2021.
鈥淲e are on pace to award all available funding this year through the Fa莽ade and Site Improvement Incentive, while approved applicants under the Vacant Building Abatement and New Construction Incentive would receive their first year of abatement/funding in 2022,鈥� added Eger.
The proposed changes will not exceed Council-approved funding, but will increase the likelihood that all annual funding is disbursed. Iffunding is fully-allocated and qualified businesses continue to apply, they would not receive funding until the year(s) following the work they have completed.
