Stonewall offers deal to developers

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This article was published 04/02/2019 (2438 days ago), so information in it may no longer be current.

The Town of Stonewall will offer multi-year tax relief to developers that are willing to build residential rental units in the community.

Known as the Stonewall program for rental unit construction and expansion, the initiative is the brainchild of the new municipal council, which is trying to address the dearth of rental options in the community.

Mayor Clive Hinds said there are far too many people who are looking to rent a place, but are unable to find anything that suits their needs.

“Out here in Stonewall… there’s been a lot of single-family residential homes that the developers have done, and also a lot of condos, but everything is for sale and there have hardly been any rentals,” Hinds said.

“Most communities in Manitoba (are) approximately at 33 per cent of the population that are renting. And we’re hovering around 13 per cent, which means we’ve got to pick it up a little bit. We know we’ve got to pick it up to help those who are in need of rental space.”

The program was announced on Jan. 23. The town plans to offer $1,500 in economic incentives per unit over a four-year period.

Developers of residential units would receive $500 off their municipal taxes per unit in year one, $400 the next year, followed by $350 in year three and $250 in year four. Only developers who build five or more units, however, will be eligible for the program.

Hinds said he hopes the tax relief, combined with the other exciting developments in the community, will attract developers.

“We’re looking for a way to increase the profile of Stonewall. We’ve put the program out there so now we’re just waiting for the reaction. Don’t forget, Stonewall is one of the communities outside Winnipeg that has been growing at a steady rate,” Hinds said.

“We know that spring time is when developers get antsy and they want to get out there and make things happen. So this is the time to put this plan out there and hopefully, attract the developers to come to our table.”

The low vacancy rate and percentage of rental units in the community are nothing new.

Hinds said when the new council convened following October’s municipal election, there was a need for them to put their heads together and find creative ways to address the issue.

Should it prove attractive with developers, it’s possible the incentive program could be extended, he said.

“If your tax bill came and it’s around $2,300 a year… if you can get $500 back off that tax bill, it can be a big saving. We’re trying to work this program and see how it plays out over the next few years,” Hinds said.

“If it is very attractive, then we’ll continue with this program a little bit longer.

“Those who are willing to come outside the Perimeter Highway, I hope they’ll consider coming to Stonewall. That’s my dream.”

ryan.thorpe@freepress.mb.ca

Twitter: @rk_thorpe