Targeted Redevelopment Incentive Policy
The Targeted Redevelopment Incentive Policy (TRIP) is a municipal tax cancellation policy to provide an incentive for the construction or major renovations of commercial/office/retail and mixed-use projects that lead to significant and ongoing enhancement of the assessment base generated in the Downtown.
A copy of the Targeted Redevelopment Incentive Policy can be found here. (new policy attached to email).
The TRIP policy was created in 2015 as part of a package of incentives to assist in Downtown Revitalization. When originally approved the requirements were quite restrictive including: a minimum construction value of $10 million, minimum floor area ratio (FAR) of 3.0, new construction only, and maximum benefit of $2million.
No projects that would qualify came forwards while at the same time worthwhile projects of lesser values were being turned away. With this in mind, Council amended the policy in July 2017 to make the grant more accessible to attract significant investment Downtown. A few further housekeeping amendments to clean up the administrative side of the policy were made in August 2018.
Eligibility and Application
In order to qualify for funding under this policy, a project shall be subject to the following criteria:
- Projects must be located within the Downtown Core.
- Projects shall consist of new building construction or significant renovation with a minimum construction value of $1,000,000.
- Significant renovation would include but not be limited to: addition of existing floors; installation of above or below grade parking; asbestos removal; fire suppression installation (sprinklers); universal access measures such as installation of elevators; installation of new electrical systems, façade improvements; combinations of these elements.
- Range of thresholds related to verified construction value ($1 million to $12+ million) that provides for a stepping of benefits which reward larger investments with greater municipal tax cancellation amounts and longer incentive periods (6-11 years). See policy for detailed table.
- Projects shall meet or exceed requirements of Heart of Our City Master Plan, Downtown Area Redevelopment Plan, and all applicable development and building safety codes requirements.
- Only registered owner(s) of the property, at the time of commencement of the building construction project approval, is/are eligible for the tax cancellation.
- Property must not be in arrears in taxes, municipal utilities or any other municipal charges.
- Projects that qualify under this program are ineligible for any other City of Lethbridge downtown incentive program.
TRIP Eligibility MapAdopted City Council TRIP Policy