Cornerstone Development bylaws passed

Mac Olsen
South Peace News

High Prairie town council has passed two bylaws, one for a local improvement tax and the other authorizing the Town to enter into a $520,000 debenture, for Cornerstone Residential Development. Public hearings were held for the second bylaw before the council meeting Jan. 14, but no one spoke for or against it. The second and third readings for both bylaws were given later during the council meeting. The first bylaw authorizes the Town to impose the local improvement tax on each of 26 lots in the Cornerstone Residential Development, located in the former trail park north of E.W. Pratt. The tax would be collected for 20 years and the amount levied annually is $1,667.20. The second bylaw allows the Town to borrow $520,000, or $20,000 per lot, for a maximum of 20 years. The Town would borrow the money from the Alberta Capital Finance Authority. This is part of a policy the Town introduced two years ago to create an incentive for residential development in the community, says CAO Larry Barry. “The developers are paying the full tab, it’s just they’re spreading it over a longer period of time,” he says. If they choose, the developer or the person who buys the property can pay it out earlier than the maximum of 20 years.

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