City celebrates opening of Six08 Health, first project of new redevelopment incentive program

“Six08 Health aims to disrupt the traditional healthcare model, bringing a multitude of professionals together to form a unified, collaborating team with a common goal of optimal patient-centred care.”

Formally known as East Meets West, Hantke and his team are the first group to utilize the City of Lethbridge’s new Targeted Redevelopment Incentive Program (TRIP).

TRIP cancels the tax increase that would result from construction to a maximum of 11 years for certain types of business redevelopment. In this case, with a $4.85-million project, Six08 Health qualified for a seven-year cancellation.

Mayor Chris Spearman says the initiative is not only good for both the business proponent, who saves money on the cost of construction but also results in more revenue for the local government.

“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.”

More details on the TRIP program, as well as other city incentives, can be found here.

by David Opinko

City celebrates opening of Six08 Health, first project of new redevelopment incentive program

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