Construction Begins on First Project Funded by Targetted Redevelopment Incentive Program
The City of Lethbridge is excited to announce the start of construction on the first downtown redevelopment project accessing the Targeted Redevelopment Incentive Program (TRIP). Six08 Health (formerly East Meets West) will participate in the new municipal tax relief program as they embark on an estimated $4.8 million redevelopment project at 608 5 Ave. S.
Construction has now started on the project which is expected to open to the public in February 2020. Six08 Health will bring together a multitude of health care professionals including massage, acupuncture, chiropractor, physiotherapy, psychology, dental, family & GI specialty medical, pharmacy, and supervised childcare. This unified team will have the common goal of providing optimal patient-centered care within a new state-of-the-art facility in downtown Lethbridge.
"Lethbridge is growing and we knew we needed to expand to keep up," says Dr. Sean Hantke, Six08 Health, Clinic Director. "When we were looking at where to create our new home, being part of the downtown just made sense. Our business is all about building positivity and being proactive. It was a perfect fit to work with the City and bring these attributes to the downtown, making Six08 Health a big part of the revitalization efforts. We're excited and proud to be a part of it."
To help encourage redevelopment in the downtown, Lethbridge City Council has approved this project for TRIP which will, for a period of time, cancel the municipal tax increase the business would have incurred after the renovations are complete. With a construction value of $4,850,000.00 the Six08 Health project qualified for a 7-year cancellation. The annual tax cancellation is +/- $88,000 for a total tax cancellation for the project of approximately $616,000.
The City benefits from this program in that, once the short-term cancellation period is over, a far greater amount of taxes are received due to the increased value of the property. For the Six08 Health project, the City will receive an estimated $88,000 more in annual taxes than what was being received prior to construction. This is income that will be received every year following the 7-year cancellation period.
TRIP is available for projects with a minimum construction value of $1 million. Encouraging redevelopment in the downtown will lead to greater property values and enhancements that will draw more activity to the downtown core. For more information on this and other downtown incentive programs visit www.lethbridge.ca/downtownincentives.