The City of Lethbridge is excited to celebrate the official grand opening for the first downtown redevelopment project accessing the Targeted Redevelopment Incentive Program (TRIP).
With its $4.8 million redevelopment project at 608 5 Avenue South, Six08 Health (formerly East Meets West) is the first business to utilize the new municipal tax relief program. They opened at this location earlier this year.
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 seven-year cancellation period.
"In addition to the additional long-term tax benefit to the City, this impactful capital investment has added 60 skilled jobs to the Downtown, including an addition of 30 for the new location (formerly located at WT Hill). This will bring more people, more activity and more vitality to the Downtown and we are optimistic on the positive impact this type of investment will have on our city's core," says Andrew Malcolm, Urban Revitalization Manager.
Six08 Health will bring together a multitude of health care professionals including massage, acupuncture, chiropractor, physiotherapy, naturopathic medicine, speech pathology, psychology, dental and dental hygiene, medical aesthetics, fitness, 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.
"Downtown Lethbridge is growing in a positive direction and we are excited to be a part of it," says Dr. Sean Hantke, Six08 Health's Clinic Director. "Working with the City to make Six08 Health a big part of the revitalization efforts is line with our business's positive and proactive approach."
TRIP is available for projects with a minimum construction value of $500,000. 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.