City of Saskatoon Business Development Incentives Program
Highlights
This program is designed specifically for businesses like yours in Saskatoon. It offers tax abatement incentives to help you expand and create more jobs. By applying, you can benefit from exemptions or reductions of city taxes or fees, waiving of utility deposits and down payments on land, and exemptions or reductions of prepaid servicing levies. These incentives can significantly reduce your operating costs and make your expansion more affordable.
What’s in it for you?
- Lower operational costs through tax and fee reductions.
- Financial relief with waived utility deposits and land down payments.
- Support for growth by reducing upfront costs for new projects.
This program provides a unique opportunity to invest in your business with less financial strain. It is easier to qualify if you meet the basic criteria, and being approved can lead to long-term job creation and investment in your community. Apply now to take advantage of these benefits and support your business growth in Saskatoon.
Financing Details
Type of Financing: Tax Abatement Incentives
Repayment Terms and Interest Rates:
- There are no repayment terms or interest rates. This is a tax abatement, meaning you will receive exemptions or reductions on city taxes or fees.
Eligible Expenses:
- Exemptions or reductions of city taxes or fees.
- Waiving of utility deposits and down payments on land.
- Exemptions or reductions of prepaid servicing levies.
Ineligible Expenses:
- The funds cannot be used for any expenses outside of the specified eligible expenses, such as operational costs, payroll, or non-city-related fees.
Fees:
- There are no fees associated with this tax abatement program.
Qualifications
- Must be a legally incorporated entity.
- Must be involved in one of the following sectors:
- Energy
- Oil and gas
- Mining
- Manufacturing
- Processing
- Technology
- Transportation and logistics
- Telecommunications
- Data processing
- Must create a minimum of five new full-time positions within one year for existing businesses.
- Must create a minimum of 15 new full-time positions within three years for new businesses.
- Must invest a minimum of $500,000 in plant, land, and/or leasehold improvements.
- Must possess the required financial resources to complete the project.
- Must be the legal owner of the property or provide a copy of the lease agreement upon application.
Must apply for an incentive before beginning with an expansion or new building project and prior to applying for a building permit through the City of Saskatoon.
Disqualifications:
- Businesses not legally incorporated.
- Businesses not involved in the specified sectors.
- Businesses unable to meet the job creation requirements.
- Businesses unable to meet the minimum investment requirement.
- Businesses without the required financial resources.
- Businesses not owning the property or unable to provide a lease agreement.
Description
The program offers tax abatement incentives to help your business grow in Saskatoon. This means you could get exemptions or reductions on city taxes or fees, which can save you money. You might also avoid paying utility deposits and down payments on land, and get exemptions or reductions on prepaid servicing levies.
These incentives are designed to encourage investment and create long-term jobs. By participating, your business can benefit from lower initial costs and improved cash flow, making it easier to expand or start new projects.
This is a great opportunity to invest in your business with less financial strain. The savings from these incentives can be reinvested into your operations, helping you grow and create new jobs in the community.
Program Steps
Gather Required Documentation:
- Business plan/executive summary detailing the new expansion project.
- Copy of blueprints for the new building, expansion, or renovations.
- Recent financial statements or a letter from the bank proving financial resources.
- Current payroll list (including names, positions, and full-time equivalents).
- Copy of the lease agreement if you are not the legal owner of the property.
Complete the Application Form: Obtain and fill out the application form provided by the City of Saskatoon.
Submit Your Application: Send the completed application form along with all required documentation to the appropriate department.
Await Review and Approval: The City of Saskatoon will review your application to ensure it meets all criteria. They may contact you for additional information if needed.
Receive Approval and Incentives: Once approved, you will be informed of the specific incentives granted, such as tax abatements, fee reductions, or utility deposit waivers.
Proceed with Expansion or Building Project: Begin your expansion or new building project as per the approved plans and timelines.
Maintain Compliance: Ensure ongoing compliance with any conditions or requirements set by the City of Saskatoon throughout the duration of the project.