Star Phoenix reporter Dave Hutton says that the City of Saskatoon is reviewing downtown housing incentives in hopes of finding better ways to attract new residents to the area.
Over nearly a decade, the city has provided $4.8 million worth of tax abatements to people buying homes in various condo projects. Dave reports that this program has led to over $80 million dollars worth of re-development in eleven projects including the 2nd Avenue Lofts, the King George and the Rumley Distinctive Lofts. Apparently, the program has produced weaker than expected results with the total downtown population growing to just 4,200, well short of the city’s goal of 10,000 residents.
City planners are now looking at incentives that would more directly benefit developers.
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