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Here's what I could find with a quick search.

Originally Posted by Wigglez

1 - Will an urban reserve be exempt from taxes? property taxes? utility expenses? (city/provincial/federal)

"Land set apart as an urban reserve typically involves a number of agreements that have been negotiated between individual First Nations and the municipality. A municipal servicing agreement is particularly important because it provides a fee for services such as water, garbage collection, police and fire protection, in an amount which is generally equivalent to the amount the municipality would have collected through property taxes"

"The same sales tax exemptions that apply to reserves in rural areas also apply to urban reserves. Under current tax law, First Nations businesses located on reserve are required to collect provincial and federal sales tax and are subject to all the applicable taxes outlined by law or the servicing agreement negotiated with the municipality. Only registered Status Indians can take advantage of the sales tax exemption when purchasing goods and services on reserve land"

(source)

Originally Posted by Wigglez

2 - Will non-native Canadians be allowed to own land/business within this reserve?

As far as I can tell, they can't own the *land* but they can own businesses:

"Business set up on urban reserves are often a mixture of First Nation and non-First Nation owned and operated."

(source)

Originally Posted by Wigglez

3 - Does anything they want to do/build require approval (city/provincial) the same way everything else does?

Doesn't sound like it necessarily has to, but in terms of how they've been developed in the past, they almost always do:

" It is necessary to understand that although the land is under the jurisdiction of the First Nation, both the First Nation and the municipal government enter into a compatibility agreement which addresses all issues of zoning bylaws, building codes and other municipal regulations. As discussed above, most agreements specify that land use and development will be the same as if the land were not reserve land."

(source)