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Originally Posted by JamieDavid Exchange
Why are all the "naysayers" over the grant to lure residential growth around the Downtown so up in arms about? This is not a new idea. Regina is offering a five year tax break to their residents who chose to move to their new iconic development by Fortress.
Does a five year tax break sound better than a one lump sum? A five year tax break here would be on average $17,000-$19,000 per unit. Much better than a onetime payment of $10,000, IMO. Plus, the city of Winnipeg will be collecting property tax over those five years from those who collected the $10,000! Sounds like a great offer to ALL the citizens of this city. $2.1 million up front for roughly $4 million in revenue after five years.
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For 2 reasons, mainly. Mostly because the burbs don't get this benefit (but they won't talk about the benefits they do get that don't come with living downtown). The other reason that people may or may not understand is that the City will still receive taxes for the condos already built, it will just be paid for by the current owner (the developer) rather than the occupant.
EDIT: I suppose that is one reason why I would be for the subsidy; if the City doesn't help the developers get rid of these condos they would need even more justification in the future to build downtown.