In a housekeeping vote, City Council will approve a $73,194.55 tax incentive grant for a new three story live/work condominium development at 547 King Street East.
547 King East is located between Tisdale and Steven, directly to the east of the Rebel’s Rock Pub.
The City’s tax incentive program gives a develop a discount on tax increases for five years after a substantial development on a property which generates increased tax revenue for the City. The discount does not include increases to education property taxes.
The proposed six-unit live/work condo will have ground level commercial with two-storey residents above the units. The units are presently advertised for sale starting at $349,000 each.
Currently, the property is assessed at $164,500. Upon development, the City expects this to increase to $1,700,000.
This will increase the City’s property tax revenue by $24,398.19 per year to $28,255.28 from the current $3,857.09.