Lethbridge City Council has approved multiple applications for the Targeted Redevelopment Incentive Program. (Photo: LNN)

By Christian Oldale

City of Lethbridge approves four redevelopment project applications

Jul 23, 2024 | 4:12 PM

LETHBRIDGE, AB – Lethbridge City Council has approved multiple applications for the Targeted Redevelopment Incentive Program (TRIP).

The program promotes new construction or major renovation of medium- to large-scale commercial, retail and mixed-use building projects in the city’s downtown core.

Sumus Property Group Ltd. is proposing to redevelop four vacant lots into mixed-use sites, each anticipated to be four to six stories with 30-35 residential units.

Each building construction value is estimated at $9 million, and each project will still need to go through the zoning process and Public Hearings before being approved to build.

According to the City, TRIP includes a tax cancellation of the municipal portion of the taxes based on the increased assessed value due to construction for a pre-determined amount of years which is based on the construction value of the project.

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Each project would qualify for an incentive period of nine years with the maximum TRIP Policy incentive of $2 million.

Urban Revitalization Manager Crystal Scheit said, “When strategically developed, development-based grants and incentives have proven to be an effective tool in economic development in key strategic areas to yield in community return on investment.”

The four projects are located at:

• 524/528/532 13 Street South
• 537/539/543 13 Street South
• 605 5 Street South/510 6 Avenue South
• 202 5 Street South

The approvals were solely for the TRIP funding, and the two 13 Street South proposed projects needed Council to make exceptions as they just outside the urban core.

READ MORE: Lethbridge News Now.

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