The City of Yorkton is broadening its Rental Housing Incentive Program to include condominium developments if they meet certain criteria.
The amendment covers condominium developments that are not owned by one owner or entity. There has been a desire in the housing community to open this policy to include condominium projects that have several owners. Administration has been reluctant in the past to have this policy to apply to multiple owners of a condominium project due to the amount of administration of each owner, detailed a report circulated to Council at its regular meeting Monday.
The proposal is that condominium projects that have multiple-ownership will be subject to this policy but a condominium association or board must be established that will be responsible for administration of the policy and interaction with the city.
This way if a condominium development occurred that had ten separate owners occurred the city would only deal with the condominium association and not multiple owners. An agreement would still be registered against the project but the association would have the responsibility to maintain records that the city could review on an annual basis to ensure the intent of the policy is being maintained.
"The program will offer five year 100 per cent tax exemption to the developers of a condominium project. The developer must establish a condominium association or board for each project that will be responsible for administration of the exemption and reporting to the city. The exemption will require the condominium association or board to enter into an agreement that can be registered against the entire project. If any of the units are sold prior to the completion of the 10 year agreement, the condominium association or board will be required to repay the taxes for each unit sold on the following basis."
"The program will offer a two-year 100 per cent tax exemption to the developers of a condominium project. The developer must establish a condominium association or board for each project that will be responsible for administration of the exemption and reporting to the City.
The exemption will require the condominium association or board to enter into an agreement that can be registered against the entire project. If any of the units are sold prior to the completion of the five-year agreement the condominium association or board will be required to repay the taxes for each unit sold on the following basis."
The recommendation received the unanimous support of Council.
