New project gets property tax relief

The StarPhoenix October 29, 2013 - The City of Saskatoon plans to give the housing portion of the high-profile development at River Landing a property tax break of about $1.5 million over its first five years.

City council’s planning and operations committee approved a report Tuesday that recommends a five-year tax abatement for the residences at The Banks, a $39-million development under construction at 410 Avenue C South.

Based on 2013 figures, civic property taxes for the homes planned for the four buildings that make up The Banks amount to about $289,800 annually.

The commercial part of the development, located on the ground floor, is not eligible for the tax break, which is intended to encourage more people to live downtown.

The project will feature 160 residential units, including bachelor suites, one-bedroom and two-bedroom apartments ranging in size from 390 square feet to 1,422 square feet.

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