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Construction Begins on First Project Funded by Targetted Redevelopment Incentive Program
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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.
"We are excited to welcome Six08 Health to the downtown and to be able to get shovels in the ground, and sledgehammers through walls on our first TRIP project," says Andrew Malcolm, City of Lethbridge, Urban Revitalization Manager. "This is a fantastic project that represents the biggest single private investment in the downtown in nearly 20 years. It will bring more people, more activity and more vitality to the downtown and we are optimistic it is the first of many large redevelopment projects coming to our city's core."
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.
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BRZ Believes in Downtown Vision
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A Business Revitalization Zone is a special assessment district established by businesses in an area to jointly raise and administer funds through a designated levy (tax) for various projects and promotional activities within the zone throughout the year that contribute to improving the economic and social vitality of the area.
The Downtown Lethbridge Business Revitalization Zone (BRZ) was established in 1987. It is a visionary collective of business leaders who believe that the heart of the city beats in its center core. Since inception, the BRZ has succeeded in adding the necessary vibrancy to make that heart beat with a strong and steady pulse.
The BRZ serves its members through marketing and implementation of unique programs that promote and highlight the positive aspects of our downtown and by providing public advocacy on important issues affecting the downtown core. Through a close partnership with the City of Lethbridge, the BRZ also administers several key programs on behalf of the City of Lethbridge’s Heart of Our City committee including beautification loans and grants, marketing, public relations, and street maintenance initiatives.
In large part due to the tireless work of the BRZ, our Downtown is an ideal business environment in a premium centralized location with a unique mix of retailers, restaurants, coffee shops, and professional services. This is abundantly evident as over the past few months a handful of new and innovative businesses have opened their doors in our Downtown including: Hive – a creative co-working space, London Road Media – a modern marketing and advertising strategy company, Mortar and Bricks – a premiere gallery and event space, and Pure Spa – a health-oriented spa destination.
To learn more about these new businesses and others in our Downtown be sure to check out the BRZ website (www.downtownlethbridge.ca) and social media accounts (@DowntownLeth) as a new video series titled #OurDowntown will highlight the stories behind new businesses in our Downtown. The first video is posted today and features Pure Spa owners Rachel and Jayna who share why they decided to bring holistic healing to Downtown Lethbridge.(click here for video)
I challenge every resident to help Our Downtown to be the best it can be. With our partners on the Downtown BRZ and the Heart of Our City committee, we encourage you to contribute to the content of this column with us on Twitter (@DowntownLeth) using the hashtag #ourdowntownwith you oncomments, questions, ideas, and suggestions .
*This column was published on October , 2018
