City Council advances ‘Gateway to Opportunity’ with economic incentive program

Lethbridge City Council is advancing the City’s motto of ‘Gateway to Opportunity’ by taking action to attract investment, support business growth and create jobs.

The Business Development, Expansion and Retention Incentive Program received approval at today’s Council meeting. The grant-based program was developed with the input of local industry and informed by recent reporting and data.

“Lethbridge is open for business,” says Mayor, Blaine Hyggen. “This incentive program makes it easier and more affordable for new and existing companies to invest in Lethbridge. “

The program provides a grant, tied to property taxes, to businesses and other investors that spend $2 million or more in key industries. The grant covers the incremental increase in property taxes due to the new investment—starting at 100 per cent in year one, tapering to 50 per cent in year five.

The program supports businesses in three key areas:

• Agrifood and Agribusiness
• Trade and Logistics
• Alternative and Renewable Energy

“These sectors were strategically chosen to align with the long-term economic development goals of Lethbridge, offering opportunities for innovation, sustainability and global competitiveness,” says Darrell Mathews, Chief Financial Officer. “They also align with the priorities of the provincial and federal governments for the southern Alberta region.”

Local job seekers will benefit from the program too, as the creation of new jobs is part of the eligibility criteria.

“Businesses must create at least five new jobs to meet the program’s requirements, which means more opportunities for job seekers in Lethbridge,” says Hyggen.

Information and details about the Business Development, Expansion and Retention Incentive Program will be available in the coming weeks at lethbridge.ca.

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