Yorkton Council approved a new applicant under the City’s Rental Housing Incentive Program Policy.
Under the Policy the City will provide a five year, 100 per cent tax abatement for 115 Gladstone Avenue North, effective beginning in 2016 and assuming the property remains a rental for 10 years.
“The applicant has constructed a five unit, one bedroom apartment complex and will charge approximately nine hundred ($900.00) per month for each unit. Each unit is roughly 500 square feet. The units will be geared to seniors, young professionals and students requiring compact, self-contained housing,” explained Michael Eger Director of Planning, Building & Development with the City, at the regular meeting of Council Monday.
“The application fulfills the Rental Housing Incentive Program objective and fills a gap in the market for compact, one bedroom units.”
Under the Policy the City will register a miscellaneous interest on the property title to ensure that the property remains a rental facility for a period of 10 years.
Eger also noted, “The Economic Development Department has no objection or concerns about this application and recommends approval.”