Rental construction initiative on Saskatoon City Council agenda

Saskatoon city council will consider recommendations being brought forward by its Administration for a “New Rental Construction Land-Cost Rebate Program” at the next council meeting on Monday April 7, 2008.

This forwarded to me by a reader from the “Council Agenda in Brief.” (no longer available)

“City Council will receive a report from Administration recommending that they adopt, in principle, the New Construction Land-Cost Rebate Program and that Administration prepare an implementation plan by June 30. The program proposes a land-cost rebate to all developers of new rental units in Saskatoon, provided these units are constructed within 18 months and they remain rental units for 15 years. A further requirement is that 20% of these units be targeted as entry-level housing, and would also be eligible for an additional land-cost rebate. The rebates would be between 50% to 75% of land costs in return for an expedient delivery of new rental units. The program target is the construction of 1,000 new rental units within a two-year period. During the past twenty years, Saskatoon has had little investment in new rental unit construction, and this proposed one-time incentive is required immediately to break the inertia on new rental unit construction.”

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Norm Fisher
Royal LePage Saskatoon Real Estate