The R.M. of Wallace-Woodworth has created two new business incentive programs, the Incentive Tax Credit and the Main Street Improvement Grant.
The Incentive Tax Credit allows the Municipality to credit the new general municipal taxes generated by an increase of assessment value due to building construction or renovation of commercial or industrial properties. An increase in portioned assessment between $10,000.00 and $74,999.00 will result in a 100% reimbursement for 3 years following the addition of supplemental taxes. An increase in portioned assessment $75,000.00 and above may generate up to 100% in year one to a maximum of $30,000.00, 80% in year two to a maximum of $24,000.00, and 60% in year three up to a maximum of $18,000.00.
The Main Street Improvement Grant is designed support projects that focus on upgrading the appearance of building exterior spaces in main street areas of the municipality by way of offering a grant. Grants will be for projects that create outdoor spaces that are attractive to local and regional citizens and tourists, brighten and improve streetscapes and encourage increased investment in main street areas. Grants will be offered as a reimbursement for eligible expenses up to a maximum of $5000.00. Eligible projects include painting, siding, window replacements, new awnings, signage, decorative lighting, land scaping enhancements.
INCENTIVE TAX CREDIT PROGRAM
MAIN STREET IMPROVEMENT GRANT PROGRAM