Bathurst launches incentive programs to promote Development and Growth
Mayor Paolo Fongemie announced the details of Incentive Programs for Municipal Growth and Economic Development for Bathurst residents and entrepreneurs.
“This is a long-awaited announcement, one that we are proud of. These programs will be a shot in the arm for residents who would be first-time homeowners or who are planning a home construction project, entrepreneurs planning a business start-up, establishing in a vacant building or building a new commercial structure. These financial incentives could very well be the last component that is needed for some to commit to these projects in Bathurst”, said the Mayor.
Financial contributions range from an amount up to $2,500 for a first-time homeowner or tax rebates over three years for residential construction. Any new business start-ups would be eligible for up to $5,000 for a 6-month rental in the Downtown area and up to $2,500 in other areas of the City.
For those who proceed to the demolition of vacant, dilapidated buildings to make room for a new construction, 50% of the cost of demolition, up to $25,000, will be available. As well, construction projects of waterfront luxury condominiums in Downtown Bathurst, on Riverside Drive and in East Bathurst will also be eligible for tax rebates, over four years in this case.
“These programs will offer many options to interested parties, the end result being enhanced development and economic growth, while increasing the City’s population and tax base. These are certainly positive elements looking forward”, Mayor Fongemie said.
The Incentive Programs for Municipal Growth and Economic Development will officially launch on January 1, 2021.